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SHANNON-BASED duty free operator Aer Rianta International (ARI) continues to fly high, judging by accounts filed recently with the Companies Office. These show ARI's pretax profit soared to €291 million in the 12 months to the end of 2007 from €17.5 million in the previous year.

This included a €267 million exceptional profit on the sale last year of its 24 per cent stake in Birmingham Airport. According to the accounts, no capital gains tax liability arose on this sale as it qualified for an exemption under tax legislation. Even if this is stripped out, ARI made a profit on "ordinary activities" of €24.5 million, up from €17.5 million in 2006. That's a frothy gain of about 40 per cent.