Profits drop at aircraft leasing firm

An Irish subsidiary of the world’s largest aircraft leasing firm recorded a 4% decrease in pre-tax profits, last year, to $866.54 million (€637.2m).

New figures show that the Shannon-based GE Capital Aviation Funding recorded the profit decline after revenues went down by 4% — from $836.9m to $800.3m — in the 12 months to the end of December last.

The returns show that the tax on the profits was $257,000 — an effective rate of less than 1%.