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Profits dip 10pc to $45m at aircraft engine leasing firm

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Shannon Engine Support Ltd paid a dividend of $40m last year

Shannon Engine Support Ltd paid a dividend of $40m last year

PA

Shannon Engine Support Ltd paid a dividend of $40m last year

Pre-tax profits at a Shannon-based aircraft engine leasing firm decreased last year by 10pc to $45.54m (€36.75m).

In accounts just filed to the Companies Office, they show that French/US-owned Shannon Engine Support Ltd recorded the pre-tax profit decrease after revenues declined by 16pc from $124.75m to $104.5m in the 12 months to the end of December last.

The figures show that the General Electric-part-owned firm last year paid a dividend of $40m.

The firm employs 24 and they last year shared a pay pot - including pensions - of $3.9m or on average $166,000 each.

The pay represented a massive 56pc hike on the average $106,375 paid to each staff member in pay and pension in 2012.

According to the firm's directors' report, "overall turnover decreased by 16pc primarily driven by the release of deferred revenue for a portfolio acquisition in 2012".

They state: "Activity pertaining to aircraft engine leasing increased by 8pc."

The firm states that the pre-tax profit of $45.54m represents a margin of 43.6pc on its revenues which is slightly above 2012.

The directors state that the pre-tax profit achieved is 10pc less than recorded in 2012.

The report states: "However, the directors are confident through engine utilisation and margin monitoring that profitability will improve in the future."

The profits take account of non-cash depreciation of $42.12m.

Directors' emoluments last year totalled $530,641.

Irish Independent