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ASL doubles profits to €39.5m

Profits at Dublin-headquartered ASL Aviation, the Belgian-owned group that operates charter flights and cargo services around Europe, more than doubled last year to €39.5m.

New accounts for the business show that revenue at the firm jumped 20pc to €407m.

Directors at the business said the results were "especially positive" given the current pressure on the aviation sector.

But the profits also included a €1.5m boost from the sale of ASL's Jetworx associate, an aircraft maintenance business.

Jetworx is the trading name of a maintenance division of South African firm Safair.

ASL acquired Safair in 2010 from Denis O'Brien's Aergo Capital for an undisclosed sum.

Aergo had bought Safair in 2008 for $80m (€62m). ASL retains ownership of the remainder of Safair following the Jetworx sale.

ASL's accounts also show that €347.1m of its revenue last year was derived from aircraft charter and related services.

Another €15.5m was generated from aircraft spares trading and another €44.6m from aircraft leasing.

ASL said that its leasing activities accounted for over half of the group's overall profitability.

Irish Independent