Ireland's leading sustainable energies firm has reported record profits, following high profile subsidiary sells offs.

NTR, a specialist renewable energy and waste management company, has earned in excess of €830.8 million, after completing the sales of its wind energy company, Airtricity and the Wesk Link toll concession.

The international firm sold off its Airtricity for €535.1m, in addition to the West-Link toll concession, bought by the National Roads Authority for around €344.2m.

However, European business has suffered losses and impairment charges of €79.9m, sustained by subsidiary Bioverda.

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NTR, the parent company, has now decided to halt further investment in the German biodiesel business, as well as discontinue its biofuels and bioenergy development activities in the German market.

The energy giant now looks set to focus its attention more on the US market, where sales are continuing to grow.

Group Chief Executive Officer Jim Barry said: "The year to the end of March 2008 saw a substantial transformation of NTR's business."

"While continuing to develop our sustainable waste management business with Greenstar, we have also developed a considerable platform across the renewable energy sector in the United States in Solar, Wind and Ethanol."

"The proceeds from the sale of West-Link and Airtricity have enabled us to accelerate our development in renewable energy and sustainable waste management, particularly in North America."

"We have also been able to deliver a liquidity event for shareholders for part of their investment in NTR, a full 15 months ahead of our committed timeframe," he added.

(PR)