Bord na Móna, the State peat production company,
today announced its
results for last year (year ending March 2012) and it reported a loss of
The firm said that a significant non-cash
impairment to the company’s Resource Recovery business of €23.6m has resulted in
a loss before tax of €2.9m. The company’s underlying profitability and
performance remains strong and, excluding the significant impairment charge, the
group made a profit before tax of €20.7m.
Turnover was €383.8m, a marginal increase of 0.5%
from €382.0 in 2010/2011and the average number employed in the group increased
marginally to 2,141 from 2,112.
Bord na Móna Group CEO, Gabriel D’Arcy, said:
“This was an extremely resilient performance by a company performing well
despite an unusual combination of environmental, economic and industry-based
challenges, most of which were outside our control."
Bord na Móna says since it acquired AES in 2007,
the waste industry volumes have shrunk by 30%, while levies have increased by
325% which combined have given rise to a substantial fall in net income.
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