Some 168,000 head of cattle were traded — up 9,000 — with a noticeable rise in the live export of calves predominantly to Spain (beef) and Holland (veal).

An 8% increase in calves sold through the company’s six sales venues and a 20% increase in sale of dry cows were among the year’s trading highlights.

However, profits fell by 30% to €724,000 when the exceptional once off pension credit of €420,000 was excluded.

Operating expenses increased by 20% during the year to €7.7m, while net debt fell by €500,000 per year.

Debt levels have been reduced by €2.5m at Cork Marts over the past five years and now stand at €18.1m.

Sean O’Sullivan, chief executive, told the Irish Farmers Journal this week that live exports were becoming an important part of the cattle business in Ireland especially to emerging markets like Libya and particularly for Friesian stock.

During the year, its livestock and auction division recorded a 17% rise in sales to €7.5m but its property division reported a sales drop of 9% to €1.7m, reflecting the loss of payments from REOX.

Cork Marts received its final €100,000 payment from REOX during 2011.

The planned sale of its former 4Home store in Macroom has been delayed due to a planning appeal of its Cork Co Council permission to An Bord Pleanála.

The company took a further writedown of €3.8m on its property portfolio during the year.