Shannon-based executive jet charter company reports return to profits

EXECUTIVE jet charter firm Westair, which counts government leaders among its clients, has returned to profit after two years of losses totalling almost €1.5m.

In accounts just returned by the Shannon-based company, they show that the firm recorded a modest profit of €12,083 in the 12 months to the end of December 2008.

This followed the company recording a pre-tax loss of €1.22m in 2007 and this followed a loss of €246,520 in 2006.

The company returned to profit after recording a 2% increase in turnover from €8.17m to €8.33m in 2008.

According to the directors’ report, they expect that the company “will continue to be profitable in 2009 and that revenue will be in line with 2008”.

The returns are the first to be filed in two years by the company and the directors state that “the company returned to profitability during 2009 due an increase in revenue in conjunction with a reduction in overheads due to a review of the operational costs of the business by the management team”.

The company’s cost base in 2008 decreased by €170,000 from €7.93m to €7.76m. That included staff costs reducing from €849,925 to €822,726.

The company’s “other operating expenses” decreased from €7m to €6.9m.

This resulted in the company’s operating loss of €512,234 in 2007 becoming an operating profit of €67,604.

The company recorded the operating profit after taking into account depreciation costs of €500,166.

The figures show that the company realised a gain of €200,000 in the value of buildings, valuing them at €2.1 million before depreciation with the company’s aircraft valued at €8.4m.

The Irish-owned company commenced business from Shannon airport in 1977 with just one aircraft and is now one of the largest private jet charter firms in Europe.

The company has only two directors, chief executive, Frank Moloney and Karina Moloney.

The company’s balance sheet shows that the company now had accumulated losses of €2.39m.

The company had shareholder funds totalling €341,768 after share capital totalling €1.9m and a revaluation reserve of €813,386 are taken into account.