Sunday 25 August 2019

Directors of aircraft-leasing company Pembroke Capital share €2.37m pay-pot

Irish-based aircraft-leasing company Pembroke Capital recorded a pre-tax loss of $91.5m after recording a pre-tax profit of $75m in 201
Irish-based aircraft-leasing company Pembroke Capital recorded a pre-tax loss of $91.5m after recording a pre-tax profit of $75m in 201

Gordon Deegan

High-flying directors at Irish-based aircraft-leasing company Pembroke Capital last year shared a pay-pot of $2.8m (€2.37m) or on average just under $573,000 (€485,000) each.

According to accounts just filed with the Companies Office by Pembroke Capital Ltd and subsidiaries, the five directors enjoyed the pay-pot in spite of the firm recording increased pre-tax losses.

The figures show that the firm - with its Irish offices located in Dublin and Limerick - recorded a pre-tax loss of $91.5m after recording a pre-tax profit of $75m in 2015.

The firm recorded the loss largely as a result of an aircraft impairment of $105m.

Revenues at the firm last year decreased by 23pc from $213m to $164m.

The company's business provided a bonanza for its 37 staff last year, who shared $11.7m - or $316,000 each - in pay on average.

The company didn't pay out any dividend after paying a dividend of $76.5m in 2015.

The directors are listed as Kieran Corr along with Peter Moylan, William McCallum, Roselyne Renel, and Stan Barnes who resigned in October 2016.

The directors state that subsequent to year end, three of the group's aircraft have been re-leased to new leasees.

The directors state: "Certain of the group's leasees are experiencing financial difficulties. Management are actively monitoring the situation."

The company's expenses include the non-cash depreciation cost of $56m. The firm's travel expenses totalled $1m, with legal and professional fees jumping to $1.6m.

At the end of December last, the group had retained earnings of $26m.

The book value of its aircraft last year was valued at $926.9m.

Last year, the firm's Asia/Pacific business declined to $108m with Middle East business increasing from $21.8m to $31.26m while the firm's European business almost doubled to $12m.

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