Profits dip at Parc Aviation despite increase in revenues
Pre-tax profits at Dublin-based aviation firm Parc Aviation last year decreased by 30pc to €2.3m, in spite of revenues increasing to €119m.
According to accounts just filed with the Companies Office, pre-tax profits at Parc Aviation Ltd decreased from €3.37m to €2.35m in the 12 months to the end of March 31 last.
The filings disclose that the company - which is headquartered in Dublin - enjoyed a 7pc increase in revenues, going from €111.7m to €119m.
CAE Parc Aviation is a global leader in providing aviation personnel on lease to airlines and aviation-support organisations. It provides more than 1,400 flight crew and technical personnel contracted to 70 clients operating 20 different aircraft types in over 60 countries.
According to the director's report, the company recorded an increase in the volume of business last year.
The directors state that the gross margin remained stable, meaning an increase in gross profit.
However, the directors state that the firm's operating profit was lower than 2015 due to foreign-exchange variances.
During the period under review, Parc Aviation paid a dividend of €3m to its parent - this followed a dividend payout of €3m in the prior year.
Accumulated profits at Parc Aviation last year increased to €8.1m following the dividend payout and profits. The company had shareholder funds of €8.14m. The firm had cash of €8.2m at year end.
The company's net operating costs of €117.4m were last year made up of €110m in contractor costs; €4.18m in staff costs and €3.2m in 'other operating charges'.
Directors shared €303,000 in remuneration last year.