Tuesday 24 April 2018

Nine staff share €3.9m pay-pot at Irish unit of aircraft-leasing giant

The BOC Aviation parent supplies planes to 60 airlines
The BOC Aviation parent supplies planes to 60 airlines

Gordon Deegan

Nine members of staff at a Dublin-based aircraft leasing firm last year shared a pay-pot of $4.4m (€3.9m).

Accounts filed by BOC Aviation (Ireland) show that pre-tax profits last year rose by 10.4pc to $120.88m. Revenues at the firm increased from $292m to $308.5m. The accounts filed with the Companies Office show that the firm's nine employees each enjoyed an average salary of $488,888.

The returns also show that the firm's directors' salaries and bonuses remained static at $2.8m. Six directors, including one alternate, served on the board last year that included one new appointments and one resignation.

Irish directors on the board who have served during the year include Peter Goodman, Gerard Kenneally and Dublin-based solicitor Robert Burke.

The directors stated that they expect that the present level of activity will be sustained for the foreseeable future.

The directors said the affairs of the company are satisfactory. The profit takes account of non-cash depreciation costs of $92.98m. Accumulated profits stood at $306m with shareholder funds totalling $556m.

The firm's cash last year increased from $49.2m to $73.4m. Revenues include $286.69 in lease income and $14.38m on the net gain from the sale of aircraft.

BOC Aviation Ireland is a subsidiary of leading Asia-based global aircraft leasing company, Boc Aviation, that is owned by the Bank of China, and that has a fleet of modern aircraft flying with 60 airlines worldwide.

The BOC Aviation portfolio is one of the youngest with an average owned aircraft age of less than four years. The fleet is primarily based on the Airbus A320 family and the Boeing Next Generation 737 series.

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