The net profit at Bord na Mona fell by 50 percent to €17.3 million from €35 million for the year to March 2015, according to its latest annual report which was published on Monday.
The company’s figures included the write-down of the value of two power stations in Edenderry and the closure of Anua, its air and water treatment business.
However, turnover at the company increased by 6 percent from €406.7 million to €432.8 million, an increase of €26.1 million.
Sales of peat to the Lough Ree Power and West Offaly Power stations increased by €4.5 million in aggregate.
Interestingly, in light of the company’s plans to build a wind farm in Killashee, the report shows that in the first full year of operation the sales of the Mountlucas and Bruckana wind farms increased by €13.8 million.
Mike Quinn, CEO, Bord na Móna outlined the company's progress.
“If you went back ten years, just 2 percent of the electricity Bord na Móna produced was generated from renewables. Today we are at 48 percent. Given our pipeline of wind, biomass and other renewable energy projects, by 2020 we know it will be 70 percent and by 2030 it will be 96 percent, making us the number one producer of renewable energy on the island of Ireland.”
Subscribe or register today to discover more from DonegalLive.ie
Buy the e-paper of the Donegal Democrat, Donegal People's Press, Donegal Post and Inish Times here for instant access to Donegal's premier news titles.
Keep up with the latest news from Donegal with our daily newsletter featuring the most important stories of the day delivered to your inbox every evening at 5pm.