Pretax profits at aircraft maintenance and overhaul firm Dublin Aerospace last year dipped marginally to €4.24 million.
New accounts filed by Dublin Aerospace Ltd show that the firm recorded the profits as revenues decreased by 1 per cent from €47.34 million to €46.74 million in the 12 months to the end of September last.
The firm’s pretax profits fell by 1.4 per cent from €4.3 million to €4.24 million.
The profits were hit after staff costs increased by 16 per cent from €11.8 million to €13.79 million as the company increased its headcount by 58 from 264 to 322.
In notes accompanying the numbers, Dublin Aerospace directors say the company bought a building at a cost of €3.18 million after the end of the financial year.
They attribute the revenue decline to lower volumes of aircraft Auxiliary Power Unit (APU) overhaul and lease activity but note that this was largely offset by increased aircraft overhaul activity.
Total remuneration for key management personnel amounted to €2.56 million compared to €2.3 million in 2017.
Dublin Aerospace was established in 2009 and commenced operations at the former SR Technics site at Dublin Airport. SR Technics closed with the loss of more than 1,000 jobs earlier that year.
Shareholder funds at the end of September last at Dublin Aerospace totalled €23.9 million, including accumulated profits of €17.3 million.
The company recorded a post-tax profit of €3.68 million after paying corporation tax of €552,130.
Its cash pile decreased from €7.38 million to €7.11 million.