Bord na Móna chief executive Tom Donnellan confirmed to The Irish Times that the company reported a €22.5 million deficit during their financial year ending March 25th.
This marks a €31.5 million improvement on losses reported in March 2019.
The company has been shifting its focus from the peat production towards energy and waste-recycling.
Costs relating to this move away from peat accounted for €66 million of the company's expenses.
