Saturday 29 April 2017

High-flying executives share $3m paypot as profits soar at lessor

Paypot: Pembroke Capital
Paypot: Pembroke Capital

Gordon Deegan

High-flying directors at Irish-based aircraft leasing company Pembroke Capital shared a paypot of $3m (€2.64m) or on average just under $500,000 (€439,599) each last year.

According to accounts just filed with the Companies Office by Pembroke Capital Ltd and subsidiaries, the group recorded a 37pc jump in pre-tax profits to $90.59m.

The figures show that the firm - with its Irish offices located in Dublin and Limerick - saw revenues rise by 3pc to $332m in the 12 months to the end of December last. The company's business provided a bonanza for its 36 staff last year who shared $11.9m, or $330,555 each in pay, on average.

The firm last year paid a dividend of $76.5m to its parent, Standard Chartered plc, and this followed a dividend payout of $56.7m.

The directors are listed as chief executive Kieran Corr along with Peter Moylan, Stan Barnes, William McCallum Roselyne Renel, William McCallum and Dave Richards who resigned last January.

The firm earned its income from leasing aircraft and the directors state that "they consider the affairs of the company to be satisfactory".

They state: "The directors plan to continue to develop the activities and operations of the group in the coming year."

The group has a portfolio of over 100 owned and managed aircraft leased to 25 airlines.

The company's expenses include the non-cash depreciation cost of $73m. The firm's travel expenses totalled $1m, with legal and professional fees jumping to $1.15m.

At the end of December last, the group had retained earnings of $248m.

The figures show that the company paid $14m in corporation tax last year.

The book value of its aircraft last year was valued at $1.32bn.

Last year, the firm grew the size of its Asia/Pacific business by $70m accounting for 66pc of the firm's business as opposed to 44pc in 2013.

In contrast, the firm's European business reduced sharply from $110m down to $8.6m. The firm did 20pc of its business in the Middle East last year.

Irish Independent

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