Vol. 407 No. 6
56 Mr. Sherlock asked the Minister for Energy if he will outline his views on the recently published annual report of Bord na Móna for the year ending March 1990; if, in the light of these results, he intends to take any action to help Bord na Móna to reduce their borrowings by an equity injection; and if he will make a statement on the matter.
The report and accounts of Bord na Móna for the year ended 31 March 1990 contain a number of encouraging indicators for the future of the company and demonstrate that the measures adopted by the board to restructure and revitalise the company are bearing fruit. The company have returned to profitability with an operating profit of over £21 million, a net profit of £2.5 million and turnover for the year increased by some 3 per cent. The company's operational performance has improved markedly in recent years. It is my expectation that this positive performance level will continue.
The question of an equity injection for Bord na Móna was considered in detail by my Department and independent consultants last year. The conclusion reached was that the company should be able to support their existing level of debt and operate successfully. The accounts for the year ended 31 March 1990 confirm this conclusion and I am satisfied that Bord na Móna can continue to trade profitably and remain an important contributor to the Irish economy.
