Saturday 18 November 2017

Aircraft lessor AerCap reports loss

A new Airbus A350 XWB, part of AerCap’s core fleet
A new Airbus A350 XWB, part of AerCap’s core fleet

Gordon Deegan

The Irish arm of aircraft leasing firm AerCap last year plunged into the red to record losses of $75m (€65.89m) in spite of revenues jumping by 30pc.

AerCap is the world's second biggest aircraft leasing firm and earlier this year it confirmed that it was moving its Dublin HQ into a new landmark building facing onto St Stephen's Green.

Globally, AerCap has assets of almost $40bn after its takeover last year of the $7bn International Lease Finance Corporation (ILFC). The loss at AerCap Ireland followed profits of $12m in 2013.

New accounts filed by AerCap Ireland show that the firm enjoyed rapid expansion last year with its workforce jumping from 54 to 74.

Last year, staff's average pay and bonuses came to $160,472, including pension contributions. Salaries, bonuses, pension contributions and social welfare payments added up to $12.9m.

Total pay for the firm's seven directors - including two who resigned from the board in May of last year - totalled $1.5m.

The firm also has offices at Shannon and last year acquired 23 aircraft and sold 12 aircraft to various parties.

The directors' report states that AerCap Ireland had a beneficial interest in 1,034 aircraft and seven engines through owning special purpose entities at the end of last year.

AerCap serves 200 customers in 90 countries.

Irish Independent

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