Pre-tax profits at Dublin-based aviation firm, Parc Aviation last year decreased by 22.5pc to €3.59 million as revenues declined.
According to accounts just filed with the Companies Office, they show that pre-tax profits at Parc Aviation Ltd decreased from €4.6m to €3.59m in the 12 months to the end of March 31 last.
The filings disclose that the company - which is headquartered in Dublin - sustained a 3.6pc drop in revenues last year from €108.64m to €104.6m.
CAE Parc Aviation is a global leader in providing aviation personnel on lease to airlines and aviation support organisations and is currently providing more than 1,400 flight crew and technical personnel contracted to 70 clients operating 20 different aircraft types in over 40 countries.
Last year, the firm expanded its operations into Singapore with the opening of a new engineering services office there.
According to the director's report, the company "recorded a reduction in the volume of business. Maintaining operating margins continues to be challenging and margin decreases were recorded on some contracts."
The report adds: "Due to the changes in the business mix, overall margins remained constant for the year. The company plans to expand further through a mixture of organic and acquisition based growth, with the objective of consolidating its position as the leading supplier of specialist staff and services to the aviation sector".
The former Aer Lingus subsidiary was part of the Oxford Aviation Academy that was purchased by Canadian group, CAE for C$314m in May of 2012
During the period under review, Parc Aviation paid a dividend of €3m to its parent - this followed a dividend payout of €2.8m in the prior year.
Accumulated profits at Parc Aviation last year increased to €8.3 million following the dividend payout and profits. The company's shareholder funds of €8.46m included cash of €5.59m.
The company's net operating costs of €100.9m were last year made up of €94.27m in contractor costs; €4.59m in staff costs and €2.1m in 'other operating charges'.
The five member board shared €526,000 in remuneration last year - an decrease on the €697,000 received in 2013.
Numbers directly employed by the firm decreased from 65 to 62 last year with staff costs increasing by 17pc from €3.92m to €4.596m.