A Shannon-based aviation leasing firm has reported pretax profits of $46.8 million (€36 million) for 2005, according to accounts filed to the Companies Office. Gordon Deeganreports.
Underlining the buoyancy of the aviation sector in the Shannon Free Zone, GE Commercial Aviation Services Ltd (Gecas) enjoyed a 24 per cent increase in turnover from $117 million to $146 million to end of 2005.
The company - owned by US giant General Electric - is engaged in the leasing of aircraft and engines and the provision of management services to the aviation industry. Gecas acquired Irish leasing company GPA in 1993 as it struggled following a failed effort to float.
According to the directors' report filed with the accounts, "the level of business and the year-end financial position were satisfactory and the directors expect that the present level of activity will be sustained for the foreseeable future".
The results by Gecas follow recent returns by another Shannon-based aviation company, Shannon Engine Support Ltd, which recorded a profit of $46 million in 2005 when it employed only 16 people.
As a result of the profits banked last year by Gecas, the company now has accumulated profits of $335.8 million.
Gecas employed 109 people in 2005 with a salary bill of $20.3 million.
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