Redundancy costs hurt Lufthansa group

Redundancy costs totalling $5.1m last year contributed to pre-tax profits at the Ireland-based Lufthansa-owned aircraft overhaul and leasing group decreasing by 37% to $21.9m (€16.58m).

New accounts just filed by Lufthansa Technik Airmotive Ireland Holdings Ltd show that the group recorded the sharp decrease in profits after revenues reduced by 14% from $372.8m to $321.4m in the 12 months to the end of December last.

The group’s companies are engaged in the rebuilding of aircraft engines, leasing of aircraft engines and rotable aircraft related components, engine component repair and aircraft maintenance.