Aircraft leasing firm has pre-tax losses of $24m

SHANNON-BASED, US-owned aircraft leasing firm General Electric Capital Aviation Services (GECAS) recorded pre-tax losses last year totalling $24 million (€16.7m).

The loss to the end of December last follows the company recording pre-tax profits of $45.8m in 2009.

The directors attribute the pre-tax loss to a drop in revenue from $191m to $144m, with administrative expenses increasing from $146.7m to $168.7m.