Pre-tax profits at AerCap Ireland down 38%

PRE-TAX profits at a Dutch- owned Shannon-based aircraft leasing company decreased by 38% to $45 million (€32.8m) in 2009.

On Friday last, AerCap Ireland unveiled its new offices at Westpark Shannon where its presence at Shannon has increased from nine in 2003 to 54 today showing the firm expanded last year by employing an additional seven.

AerCap Ireland Ltd chief executive Tom Kelly said: “The move to the new state-of-the-art facilities in Westpark is an exciting step in the further growth and development of AerCap and in particular AerCap’s Shannon operations.”

The AerCap group has total assets of $9.3 billion and has approximately $2bn of committed purchases. The group’s portfolio includes 350 commercial aircraft and 96 engines that are either owned, or ordered, under contract or letter of intent, or managed.

Aer Cap Ireland is one of a number of aircraft leasing firms based in Shannon that includes Shannon Engine Support, GECAS and Genesis Leasing. The filings show the firm recorded an operating loss of $20m and this followed an operating loss of $12m in 2008.

However, the sale of aircraft generated revenues of $59m in 2009 that brought about the pre-tax profit of $45m.