FLS Aerospace, which includes the former Team Aer Lingus at Dublin Airport, has returned to profit in the first quarter. However, the group's Danish parent, FLS Industries, is still seeking a strategic partner for the division.
The aircraft maintenance operation posted positive earnings before interest and tax of 22 million Danish kroner (€3 million) compared with DkK20 million for the same period last year. Despite the positive performance in the first quarter of 2002, the aerospace division went on to lose almost DkK200 million last year.
"The result was achieved despite a 16 per cent decline in turnover and a squeezed market," said the group yesterday. No figures were given for the Irish operation and a spokesperson said she could not go beyond what was in the company statement.
The company usually only provides figures for the Irish operations at the end of the year. Last March, it reported a €15 million fall in turnover at the Irish division for the year to December 2002.
The company employs 1,500 at its Dublin facility servicing aircraft for Aer Lingus, Ryanair and EasyJet.
At the pre-tax level FLS Aerospace recorded a loss of DkK57 million, due primarily to the DkK50 million loss on the sale of its operations in Copenhagen.
The company said it had reduced its debt by DkK100 and that its order book was DkK9 billion, some DkK1.1 billion higher than the end of the same period last year.
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