Aircraft leasing and finance firm’s profits almost double to €39.3m

PRE-TAX profits at Irish aircraft leasing and finance company, Pembroke Capital, almost doubled last year to $52.8 million (€39.3m), new figures show.

Accounts just filed with the Companies Office by Pembroke Capital Ltd and subsidiaries show that the company increased its pre-tax profits by 86% after revenues climbed 36% from $158.9m to $216.4m in the 12 months to the end of December last.

The directors have recommended the payment of a $57.7m dividend that they say is not reflected in the 2010 accounts.

Last year, the company’s 24 staff shared $9.14m in salaries — an average salary of $381,000.

The company’s five directors, including chief executive Gary Burke, shared $3.36m in remuneration that includes $119,000 in pension contributions.

Earlier this year, Mr Burke bought financier, Derek Quinlan’s Derrymore home on Dublin’s Shrewsbury Road for a price believed to be around €7m.

The other directors are listed as Kieran Corr, Raghunandan Menon, Peter Moylan and Dave Richards.

The directors state that “they consider the affairs of the company to be satisfactory”.

The company has a fleet of 78 aircraft, owning 49 and managing 29.

The directors report that in 2010, the group continued to expand its aviation leasing operations with the purchase of aircraft at a total cost of $533m on lease to clients in Asia, Africa and the Middle East.

The directors also confirm that the company entered a commitment to purchase two ships this year at a cost of $105m to be leased to a client in Asia.

The figures show that the company’s operating income climbed from $90.7m to $130.8m.

However, finance expenses totalling $78.1m reduced the company’s profits to $52.8m.

The company’s expenses include the non-cash depreciation cost of $68.1m.

At the end of December last, the company had retained earnings of $111.6m.

The figures show that the company paid $7.4m in tax last year.

The book value of its aircraft fleet last year was $2bn.

A breakdown of the company’s revenues shows that 59% or $125.2m of the company’s revenues were generated in the Asia/Pacific region with 21% or $43.7m generated in the Middle East, with 12% generated in Europe, and Africa and Latin America making the remaining $17m.

Pembroke Capital’s parent, Standard Chartered, is a multi-national financial services company headquartered in London with operations in 70 countries, employing 80,000 worldwide.