Profits down at Parc aviation

Profits slump 22% at Parc Aviation

Pre-tax profits at Dublin-based aviation firm, Parc Aviation last year decreased by 22.5% to €3.59m as revenues declined.

Accounts just filed with the Companies Office show that pre-tax profits at Parc Aviation Ltd decreased from €4.6m to €3.59m in the 12 months to the end of March 31 last.

The filings disclose that the company — which is headquartered in Dublin — sustained a 3.6% drop in revenues last year from €108.64m to €104.6m.

CAE Parc Aviation provides aviation personnel on lease to airlines and aviation support organisations. It is currently providing over 1,400 flight crew and technical personnel contracted to 70 clients operating 20 different aircraft types in over 40 countries. Last year, the firm opened an engineering services office in Singapore.

According to the director’s report, the company “recorded a reduction in the volume of business. Maintaining operating margins continues to be challenging and margin decreases were recorded on some contracts.”

The former Aer Lingus subsidiary was part of the Oxford Aviation Academy that was purchased by Canadian group, CAE for C$314m (€220m) in May of 2012.

During the period under review, Parc Aviation paid a dividend of €3m to its parent.

Accumulated profits at Parc Aviation last year increased to €8.3m following the dividend payout and profits. The company’s shareholder funds of €8.46m included cash of €5.59m. The company’s net operating costs of €100.9m were last year made up of €94.27m in contractor costs; €4.59m in staff costs and €2.1m in ‘other operating charges’.

The five-member board shared €526,000 in remuneration last year — a fall on the €697,000 received in 2013.

The numbers directly employed by the firm last year decreased from 65 to 62.