Lufthansa's Irish group doubles profit
PRE-TAX PROFITS at the Irish-based Lufthansa-owned aircraft overhaul and leasing group more than doubled last year to $35.1 million (€27.4 million) “despite a very difficult year for the aviation industry”.
Accounts lodged by Lufthansa Technik Airmotive Ireland Holdings with the Companies Office confirm that revenue increased by 0.8 per cent to $372.8 million.
The group’s companies are engaged in rebuilding aircraft engines, leasing aircraft engines and rotable aircraft related components, engine component repairs, and aircraft maintenance. In their report, the directors state that “all business segments in the group contributed positively to the result for the year”.
The group employs 1,205 between its Dublin and Shannon units, with sales to German airline Lufthansa accounting for 65 per cent of the group’s turnover.
Staff at the group’s Rathcoole plant in Dublin returned to operating a five-day week earlier this month, more than a month earlier than the company had originally planned when it instituted a three-day week at the end of July.
The group incurred $11 million in restructuring charges in 2010 and the directors state that excluding this exceptional charge, pre-tax profits last year increased by 24.3 per cent on 2010.The figures show that the group’s staff costs last year totalled $90 million compared to $102 million in 2010.
The directors state that Lufthansa has this year introduced a target to increase profits by $1.5 billion per year.
The note states: “The Lufthansa group in Ireland, like its sister companies throughout the world, have been requested to engage in this initiative.”