Lufthansa’s Irish operations record €70m profit

The Lufthansa Technik group of companies in Ireland last year recorded pre-tax profits of $77m (€70.3m) following the closure of one of its units.

New group accounts, filed by the German-owned Lufthansa Technik Airmotive Holdings Ltd, show the group recorded the profit through a number of exceptional gains.

During the year, revenues at the group declined 17% from $299.35m to $247.84m and the drop in revenues was attributable to the group shutting down its profit-making engine overhaul segment with the loss of 411 jobs, when Lufthansa Technik Airmotive Ireland Ltd ceased trading in June last year.