Ireland: Profits at US aircraft firm in Shannon plummet 36pc

Pre-tax profits at a Shannon-based aircraft engine leasing firm decreased by 36pc to $32m (€23.1m) last year, new figures show.

Accounts just filed to the Companies Office reveal that US-owned Shannon Engine Support incurred the drop in pre-tax profits after revenues decreased by 17pc from $133.6m to $110.3m in the 12 months to the end of December 2010.

The company employs 20 people and the average salary is $142,500, with wages and salaries totalling $2.8m.

Part-owned by US giant GE, Shannon Engine Support provides support to 140 airlines around the world. According to the directors' report: "In a difficult year for the industry, turnover was down by 17pc on the previous year. However, the company generated a profit before tax of $32.2m, which represents a margin of 29pc on its revenues."

Pre-tax profits dropped from $50.7m to $32.2m.

The figures show the company's profits were boosted by an exceptional item of a $6.6m profit made from the sale of fixed assets and this followed a profit of $14.6m on the sale of fixed assets in 2009.

The accounts show that the company had accumulated profits of $459m at the end of December last. The company had total shareholder funds of $776m at the end of last year that included 'other reserves' totalling $308.5m.

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