This article is from page 19 of the 2006-12-19 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 19 JPG
A SHANNON-based aviation leasing firm secured pre-tax profits of $46.8 million according to accounts filed to the Companies Office.
Underlining the buoyancy of the aviation sector in the Shannon Free Zone, GE Commercial Aviation Services Ltd recorded a 24 per cent increase in turnover from $117 million to €146 million.
The company –owned by the US General Electric corporation – is engaged in the leasing of aircraft and engines and the provision of management services to the aviation industry.
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 GE Commercial Aviation Services results follow those of another Shannon-based aviation company, Shannon Engine Support Ltd, which although employing only 16 people recorded a profit of $46 million in 2005.
The GE Commercial Aviation figures show that the company has accumulated profits of $335.8 million with pre-tax profits up slightly on the $46.3 million recordeded in 2005.
The company employed 109 workers at Shannon in 2005 with a salary bill of $20.3 million while the remuneration for directors was $2.7 million. The accounts also show that the firm’s parent company contributed $930 million to the accounts last year bringing the overall capital contribution to $1320 million.