Business Irish

Saturday 18 November 2017

SMBC Aviation: Aircraft leasing firm profits soar to $409.6m

Peter Barrett, CEO of SMBC Aviation Capital
Peter Barrett, CEO of SMBC Aviation Capital

Gordon Deegan

Operating profits at the aircraft leasing company, SMBC Aviation Capital Ltdlast year soared by 13pc to $409.6m (€361.58m).

This followed revenues at the Dublin-based firm increasing by $145m or 23pc from $626.98m to $771.9m in the 12 months to the end of last March.

The firm last year recorded pre-tax profits of $212.23m following a pre-tax loss of $120m in 2013 - a positive swing of $332m.

The company achieved the profits after paying out $194.2m in net interest payments and $3.15m in break losses.

Numbers employed at the company last year increased from 73 to 113 and the staff there are richly rewarded for their work.

The 113 staff last year shared a pay bonanza of $39.8m or €352,575 each on average.

Eleven directors served on the board's firm including four Irish and the figures show that the key management personnel that includes the directors and members of the executive committee last year shared salaries and pension benefits totalling $11.3m.

The firm's top executive directors are all Irish and they are listed as chief executive, Peter Barrett; chief legal officer, Catherine Ennis; chief financial officer, Barry Flannery and chief operating officer, David Swan.

The firm which currently owns and manages 381 aircraft valued at over $15bn on lease to airline customers in over 40 countries around the world and is one of the top five commercial lessors worldwide.

The directors state that they are satisfied with the business's performance.

The operating profit takes account of non-cash depreciation and asset impairment costs totalling $276m.

Irish Independent

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