Profit drop for group accused of illegal export

SLIGO-based Mac Aviation, accused in March by the US authorities with illegally exporting aircraft parts and engines to Iran, has reported a sharp drop in pre-tax profits for the year ended March 31, 2009.

Results show turnover more than halved from €19.3 million to almost €9m. Pre-tax profits are down from €5.1m to €1.9m.

The group paid tax of €247,254 on its earnings. Staff costs in the year amounted to €154,246, up from €122,547 in 2008.

The auditors Arthur Downer & Associates qualified the accounts. This was due to the limitations on the scope of the audit.

They said: “Except for any adjustments that might have been found to be necessary had we been able to obtain sufficient evidence concerning international transactions, in our opinion the financial statements give a true and fair view of the state of the company’s affairs as at March 31, 2009.”

In March of this year the US authorities accused the group of selling equipment to Iran, some of which involved parts sold to an Iranian military firm the US say is involved in Tehran’s disputed nuclear and ballistic missile programme.

The three businessmen are allegedly employed by Mac Aviation, the Sligo brokerage firm that negotiates aircraft parts for foreign customers. At the time a US Justice Department spokesman said the charges a were “extremely grave”.