Profits fall 27% at aircraft group

RESTRUCTURING costs totalling $11 million (€7.7m) at the Irish-based Lufthansa-owned aircraft overhaul and leasing group last year resulted in pre-tax profits decreasing 27% to $17m, figures show.

However, revenues at the German-owned Lufthansa Technik Airmotive Holdings Ltd last year rose 13% from $327.2m to $369.7m in the 12 months to the end of December 2010.

The figures, just filed with the Companies Office, show that $10.5m of the $11m restructuring cost related to the redundancy payments last October. The group announced 107 workers at its aircraft overhaul Shannon Aerospace business in Shannon were being made redundant.