Irish subsidiary of aircraft leasing firm reports €675m profits

An Irish subsidiary of the world’s largest aircraft leasing firm recorded an 18% increase in pre-tax profits last year to $902 million (€675.6m).

New figures show that the Shannon-based GE Capital Aviation Funding recorded the increase in profits after revenues went up by 2% from $816.9m to $836.9m in the 12 months to the end of December last.

The returns show that the tax on the profits was $105,000 – an effective rate of less than 1%.