€505m profit for Shannon-based aircraft firm
Published 10/06/2015 | 02:30
AN Irish subsidiary of the world's largest aircraft leasing firm recorded a 34pc decrease in pre-tax profits last year to $571 million (€505.5m).
New figures show that the Shannon-based GE Capital Aviation Funding recorded the decrease in profits after revenues went down by 23.5pc from $800.32m to $612.34m in the 12 months to the end of December last.
The returns show that the tax on the profits was $238,000 - an effective rate of less than 1pc.
The accounts for 2014 state that the firm would have been liable for a tax bill of $71.37m based on the Irish corporate tax rate of 12.5pc.
However, the firm availed of group relief totalling $72.2m and non-taxable items totalling $4.9m contributing to a tax charge of $238,000.
The pre-tax profit of $571 million for the US-owned subsidiary of General Electric makes the company one of the most profitable public and private limited companies in Ireland.
Last year, it was confirmed that subsidiary, GE Capital Aviation Services Ltd placed an order for 40 new Boeing 737s with a list price of nearly $4bn (€3bn).
GE Capital Aviation Funding's operating profits decreased by 24pc to $602m.
The firm's income was boosted by a $30m dividend received from GE Capital Aviation Services Ltd.