Profits at GE Capital Aviation Funding fall 34%

An Irish subsidiary of the world’s largest aircraft leasing firm recorded a 34% fall in pre-tax profits last year to $571m (€505.57m).

Figures show that the Shannon-based GE Capital Aviation Funding recorded the decrease after revenues went down by 23.5% from $800.32m to $612.34m in the 12 months to the end of December last.

The returns show that the tax on the profits was $238,000 — an effective rate of less than 1%. The accounts for 2014 state that the firm would have been liable for a tax bill of $71.37m based on the Irish corporate tax rate of 12.5%.