| 7.9°C Dublin

Record e22.9m profit for IAA

THE Irish Aviation Authority (IAA) brought in record profits in 2012, with operating profits up 27pc to €22.9m.

The IAA oversees the safety and security of Irish civil aviation, provides air traffic management services in Irish airspace and state airports, and communications services on the eastern north Atlantic.

The group receives no funding from the state, and 75pc of its income is earned from international sources.

Chief Executive Officer Eamonn Brennan commented that the IAA is recognised by the International Civil Aviation Organisation (ICAO) for safety oversight performance.

"We are placed third in Europe for safety oversight by the ICAO, and we received a 91pc customer satisfaction rating in 2012," he said.

"The IAA is well-positioned for future development and success," Mr Brennan added.

The IAA recorded total assets of €213.1m, with a turnover of €175m. A dividend of €5m was paid.