A SHANNON-BASED US-owned aircraft leasing firm, General Electric Capital Aviation Services, last year paid a dividend of $266 million (€216 million) to its US parent.
Accounts recently lodged with the Companies Office show the Irish firm paid out a dividend of $266 million last November. This follows a dividend payout of $134 million in 2008.
Capital Aviation Services more than tripled its operating profit to $44 million in the 12 months to the end of December last in spite of the company only marginally increasing revenues from $190 million to $191 million during the same period.
A subsidiary of US giant General Electric, Capital Aviation Services is one of a cluster of companies in the Shannon Free Zone engaged in aircraft leasing.
The company’s pre-tax profits last year dropped by 31 per cent from $66.2 million to $46.6 million, but this was mainly due to the company recording a once-off profit of $42 million on the sale of a fixed asset in 2008.
According to the directors, “both 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 filings show that the remuneration for the company’s 15 directors last year rose 59.5 per cent, from $6.8 million to $10.8 million.
The directors’ share-based payments increased threefold, from $337,000 to $1.099 million.
Employment in Shannon fell from 220 to 214 last year with staff costs, including executive directors’ pay, dropping from $48.8 million to $47.3 million.
After securing the pre-tax profit of $45 million, the company benefited from $9.5 million in a tax credit.
The company – established in the Shannon Free Zone in 1993 – leases aircraft to more than 230 airlines in 70 countries. Capital Aviation Services is located in the €200 million Westpark business campus.
