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Bord na Móna reports record profit of €50.3 million

Operating profit climbs 114 per cent on the back of revenues of €426.8 million

The wind farm at Bruckana on Bord na Mona’s cutaway peatland on the Laois, Kilkenny, Tipperary borders. Photo: Niall Carson/PA Wire

Bord na Móna has announced a record profit of €50.3 million for year ended March 2014, up 114 per cent on last year.

Profit after tax for the financial year was up 263 per cent to €33.5 million, on the back of revenues of €426.8 million.

Earnings before interest, tax, depreciation and amortization of €90.9 million were up 48 per cent on 2013.

A significant focus during the year was the continued expansion of the wind energy portfolio, with Mountlucas and Bruckana wind farm investments of €175 million in total nearing completion and expected to be generating revenue from the second half of this year.

Bord na Móna chief executive Gabriel D’Arcy said operating profit more than doubled whilst the company reported that profit after tax was up 263 per cent.

“These excellent figures are a product of the company’s commitment to sustainable business operations, related diversification and the flexibility of our employees that allowed us to increase profits whilst operating in a challenging business environment”.