Turnover for the group rose 1% to €262.2m.

Coillte Panel Products recorded a turnover of €154m.

"In our panel products business, while prices were relatively stable, they were lower than anticipated and this remains a key issue for us in 2013," said acting group chief executive Gerry Britchfield

However, the division, comprising SmartPly OSB and Medite MDF, exported to a record 32 countries last year and 90% of turnover is now derived from export sales.