This article is from page 6 of the 2007-10-30 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 6 JPG
A SHANNON-BASED aviation leasing firm secured pre-tax profits of $36 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 experienced a 24 per cent increase in turnover from $146 million to €177 million.
The company — owned by US giant, General Electric — is engaged in the leasing of aircraft and engines and the provision of management serv- ices to the aviation industry.
According to accounts filed with the Companies Office, “both the lev- el of business and the year end finan- cial position were satisfactory and
the directors expect that the present level of activity will be sustained for the foreseeable future”.
The accounts show that profits be- fore tax dropped from $46 million in 2005 to $34 million in 2006.
The profits last year by GE Com- mercial Aviation Services Ltd have resulted in the company accumulat- ing $377 million.
The company’s accounts show that itemployed 141 in 2005 with a salary bill of $24 million. This increased to OM Odom MIs TIE IA Mme tl mem ele million last year.
The company’s operating profit dropped from $47 to $15 million. However, the company’s profits were boosted through $21 million received through the sale of assets.
The accounts show that the di-
rectors’ remuneration increased to $3.562 million. This included a bo- nus of $1.891 million and salaries of OI PSB reTe Ub COee
EArlier this year, the company ord- ared 15 Boeing 777s — a mix of seven 777-300ER (Extended Range) pas- senger jetliners and eight 777 Freight- ers — and 24 Boeing 737-800s.
Deliveries of both the 777s and 737s will begin in 2008 and extend through 2010.
GE Commercial Aviation Services (GECAS) is the commercial aircraft financing and leasing business of GE and part of GE Infrastructure. GECAS has a fleet of 1,450 owned aircraft it leases to more than 230 airlines in some 70 countries, and it manages nearly 300 aircraft for oth- ae