Pretax profits at GECAS almost double to €8.9m
PRETAX PROFITS at Shannon-based US-owned aircraft leasing firm, GECAS Services Ltd almost doubled to $11.3 million (€8.9 million) last year, new figures show.
This follows the company’s increasing revenues by 18 per cent from $67.8 million to $79.9 million in the 12 months to the end of December last. The figures show pre-tax profits increased by 82 per cent from $6.2 million to $11.3 million. The firm paid a dividend of $24m to its parent last year.
According to the directors’ report, “both the level of business and year end financial position were satisfactory and the directors expect that the present level of activity will be sustained for the foreseeable future”.
The company provides marketing activities for the GECAS group and the figures show the firm had accumulated profits of $18.7 million at the end of December last. GECAS is one of a cluster of aircraft leasing aviation firms based in Shannon that also includes Shannon Engine Support and Magellan Aviation Services.
The General Electric-owned GECAS is the largest aircraft leasing firm in the world with nine of the top 10 operators based in Ireland where they employ 1,000 people directly and 2,000 indirectly.