€5.2m profit for GECAS as revenue rises by 34pc
SHANNON-based American- owned aircraft leasing firm General Electric Capital Aviation Services (GECAS) bounced back last year to record $6.6m (€5.2m) in pre-tax profits.
This follows GECAS increasing revenues by 34pc, from $144m (€110m) to $193m (€150m) in the 12 months to the end of December 2011. The company recorded pre-tax losses of $24m in 2010.
According to the directors' report, "the level of income increased year on year due to an increase in management fees received. The directors expect that the present level of activity will be sustained for the foreseeable future".
It added: "The management fees in the current year include fees of $24m in respect of the termination of contractural agreements. The income is not expected to reoccur."
The accounts show that the company did not pay a dividend last year after dividend payouts of $55.8m in 2010 and $266m in 2009.
A subsidiary of US giant, General Electric, GECAS is one of a cluster in the Shannon Free Zone engaged in aircraft leasing.
Numbers employed by the firm, including executive directors, increased from 213 to 217, with employment costs going up from $42.6m to $57m.
GECAS -- which has a fleet of over 1,800 owned and managed aircraft with about 245 airlines in 75 countries -- offers a range of aircraft types and financing options.