Profits up four-fold for Air Atlanta
Published 31/08/2010 | 05:00
PRE-TAX profits at the Irish arm of one of Europe's leading aircraft maintenance firms, Air Atlanta, increased four-fold to €711,834 last year.
Shannon-based Air Atlanta Aero Engineering employs 246 people in the Shannon Free Zone, and to the end of October last, increased its turnover by 19.5pc from €23.2m to €27.7m.
The filings show that the company's pre-tax profits last year increased by 310pc from €173,264 to €711,834.
The accounts show that last year's profits reduced the company's accumulated losses to €4.7m.
However, Air Atlanta has €1.6m in shareholders' funds after called-up share capital of €6.4m is taken into account.
The Icelandic-owned company is one of a cluster of aircraft maintenance firms, including Shannon Aerospace and Magellan Air, located in Shannon.
A number of aircraft leasing firms are also located at the Shannon Free Zone, including Shannon Engine Support, GECAS and Genesis Leasing.
The directors state that "the focus has been to continue our presence as a third-party maintenance, repair and overhaul provider, offering high-quality, cost-effective and fast-turnaround maintenance".
"Our success in delivering this message has resulted in the company's attracting well-known owner-operators and entering into long-term contracts with them. The company monitors sales developments regularly to maximise opportunities in different sectors."
The accounts show that the numbers employed by the company increased by 14 last year. They grew from 234 to 246, with 183 staff engaged as mechanics and apprentices and 63 in management and administration.
The increase in the numbers employed resulted in the company's staff costs increasing by 5pc from €11.8m to €12.4m.
The accounts show that emoluments to directors increased marginally from €248,984 to €252,646.
A detailed breakdown of the company's administration costs show that legal and professional fees more than doubled from €97,771 to €243,925.
It also shows that bad debts totalling €659,323 were written off during the year.