Profits almost doubled to $11.3m at GECAS
PRE-tax profits at Shannon-based US-owned aircraft leasing firm GECAS Services Ltd last year almost doubled to $11.3m (€8.9m), new figures show.
This follows GECAS Services Ltd increasing revenues by 18pc from $67.8m to $79.9m in the 12 months to the end of December last year.
The figures show that pre-tax profits increased by 82pc from $6.2m to $11.3m.
The firm paid a dividend of $24m to its parent last year.
According to the directors' report, "both the level of business and year-end financial position were satisfactory and the directors expect that the present level of activity will be sustained for the foreseeable future".
GECAS Services provides marketing activities for the GECAS group and the figures show that the firm had accumulated profits of $18.7m at the end of December last.
GECAS is one of a cluster of aircraft leasing aviation firms based in Shannon that also includes Shannon Engine Support and Magellan Aviation Services.
The General Electric-owned GECAS is the largest aircraft leasing firm in the world. Nine of the top 10 leasing operators are based in Ireland where they employ 1,000 people directly and 2,000 indirectly.
Currently, there are 3,000 aircraft valued at €83bn leased out of Ireland, with the total annual tax contribution to the Exchequer from leasing being over €300m -- with annual expenditure by lessors on Irish professional services and infrastructure at around €135m.
Speaking at an aviation conference at Dromoland Castle earlier this week, Transport Minister Leo Varadkar warned that while Ireland was in a good position in the aviation leasing business, "there is no reason for complacency in this highly competitive field".
He said: "There are a lot of countries who would like to steal our clothes. We need more success both here and elsewhere in our economy. We have been working closely with the sector to address its concerns and keep Ireland competitive, including a number of measures introduced earlier this year in the Finance Act. We will continue this collaborative approach."
In relation to GECAS Services Ltd, the figures show that the firm's revenues are based on management fees.
They also show the firm's net employment costs stood at $12.6m. Staff numbers totalled 28, along with an unspecified number of temporary employees. The filings show that GECAS recorded operating profits last year of $7.3m and added "other financial income'' to these strong gains.