Losses soar to €1.7m at engineering firm

Pre-tax losses last year continued to mount at the Shannon-based Russian-owned aircraft overhaul firm, Transaero Engineering.

New accounts filed by Transaero Engineering Ireland Ltd with the Companies Office show the firm recorded a pre-tax loss of €1.7m last year after incurring losses of €633,944 in 2012.

The 170% rise in pre-tax losses occurred after revenues at the firm fell 7.5% from €25.69m to €23.76m in the 12 months to the end of December 31. The firm is owned by Russia’s second largest airline Transaero which purchased Air Atlanta Aero Engineering aircraft maintenance firm in 2012.

Numbers employed by the firm last year increased from 253 to 272 with staff costs increasing from €11m to €11.5m.

Accumulated losses at the firm last year increased from €5.6m to €6.4m.

The firm’s cash increased sharply from €5,265 to €914,489.

The figures show that the firm last year recorded an operating loss of €1.68m and this followed an operating loss of €630,000 in 2012.

The loss last year took account of non-cash depreciation costs of €610,378.