Profits at Dublin aviation firm ASL remain flat at €22m
Published 13/10/2015 | 02:30
Profits at Dublin-based ASL Aviation, which operates services across Europe as well as seasonal passenger flights between Ireland and Canada, remained flat at €22m last year, despite turnover rising slightly to €331.6m.
Belgian company Compagnie Maritime Belge owns 51pc of ASL, while 3P Air Freighters, an Irish company that's part of investment firm Degroof Petercam, owns the remainder.
ASL's operations include Air Contractors and Europe Airpost. During the summer, it rebranded its units. Air Contractors is now known as ASL Airlines Ireland, while Europe Airpost is now called ASL Airlines France. ASL's base is in Swords, north County Dublin.
This year, it operated a seasonal service from Paris to Nova Scotia via Dublin - its first ever scheduled passenger service out of the Irish capital. ASL Airlines Ireland also provides wet leasing services to the airline industry. Aer Lingus is among its customers. It has operated three Boeing 757 aircraft for the airline, serving routes to Shannon, Boston and Toronto.
ASL, whose chief executive is Hugh Flynn, described the results for 2015 as "strong".
"The consolidated net profit was in line with 2013, which demonstrates the group's ability to adapt to the changing and challenging trading environment," the company's directors noted in the accounts.
"The trading results continue to be impacted by the changing political and economic conditions across the world, particularly the volatile fuel and foreign exchange rates," they added.
While fuel prices have dropped significantly over the past year, the euro has also depreciated against the US dollar, the currency in which fuel is priced.
Last year, ASL also completed the acquisition of the Farnair group, which is now known as ASL Airlines Switzerland. That unit operates a fleet of ATR and Beech turboprop aircraft.
"The acquisition will strengthen and bolster the group's European cargo operations but also provide the experience and opportunity to expand in both India and southeast Asia through existing trading platforms already in place," noted ASL.
ASL's consolidated annual turnover, including Farnair, is expected to be over €400m this year, with earnings before interest, tax, depreciation and amortisation of more than €80m.