Business Irish

Saturday 21 September 2019

Profits at Lufthansa Irish wing soar 27pc to €60m

Planes of the Lufthansa fleet
Planes of the Lufthansa fleet

Gordon Deegan

Pre-tax profits last year at the Irish unit of German airline Lufthansa increased by 27pc to $65.64m (€59.86m).

New accounts filed by Lufthansa Technik Airmotive Ireland Holdings Ltd show that revenues increased by 12.6pc to $217m.

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The Irish business has three divisions: aircraft overhaul, engine component repair, and engine and aircraft leasing.

The directors stated that the aircraft overhaul operations returned to growth in 2018 with a 15pc increase in revenues despite a one-year delay to their planned entry into the Dreamliner B787 aircraft market.

They said the completion of connectivity modifications on the entire Boeing 777 fleet of an unspecified national carrier contributed largely to the increase in revenues.

Aircraft overhaul managers opened a new training campus last year, they said, "to support planned additional trainee classes given the current and expected future business volumes".

The directors said the engine component repair segment saw turnover rise 17pc, while the aircraft leasing segment increased by 6pc "and continued to generate strong profits".

The business invested $74m in new aircraft leasing assets during the year and expanded its new aircraft and engine technologies in that portfolio.

The group's net profit was $58.27m after paying corporation tax of $7.37m.

Numbers employed at the business in the 12 months to the end of December increased from 675 to 701.

Irish Independent

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