O’Brien leasing firm profits rise to €1.7m

Pre-tax profits at businessman, Denis O’Brien’s Dublin-based aircraft leasing business, Aergo Capital last year increased six fold to $2.28m. (€1.7m)

This followed revenues at the firm increasing by 597% from $6.4m to $44.89m in the 12 months to the end of December 2013.

The directors’ report attached to the accounts just filed to the Companies Office states that subsequent to year end, the group has undertaken a downsizing programme having reviewed its management resources for the business going forward.

The figures show that the 12 employees last year shared a pay-pot of $2m — or an average of $166,666 each at Aergo Capital.

The accounts show that emoluments to five directors last year totalled $1.2m made up of fees of $913,000 and other emoluments of $287,000.

According to the directors, they state that they “are satisfied with the performance of the business and year end position”.

The accounts show that 97.5% of the firm’s revenues last year arose from ‘inventory sales proceeds’ totalling $43.79m with operating lease rentals amounting to $506,000 and finance lease rentals totalling $594,000.

The accounts show that 54% of the firm’s lease revenues was generated in the Americas with 46% in Europe, Africa and the Middle East.

The firm recorded other operating income of $2.3m and direct costs in 2013 totalled $39.39m resulting in a gross profit of $5.5m.

The firm had retained profits of $9.37m with its cash pile totalling $8.32m.

The directors’ report states that the group in 2012 established six subsidiaries to acquire passenger aircraft and convert them into cargo aircraft for onward lease or sale.