Aircraft leaser’s Irish arm in the red with €66m loss

The Irish arm of aircraft leasing firm, Aercap last year plunged into the red with losses of $75m (€65.89m) in spite of revenues jumping by 30%.

Aercap is the world’s second biggest aircraft leasing firm and earlier this year the firm confirmed that it was moving its Dublin headquarters into a new landmark building facing onto St Stephen’s Green.

Globally, Aercap has assets of almost $40bn after its takeover last year of the $7bn International Lease Finance Corporation (ILFC).

The loss at AerCap Ireland Ltd last year followed profits of $12m in 2013.

New accounts filed by Aercap Ireland Ltd show that the firm enjoyed rapid expansion last year, with its workforce jumping from 54 to 74.

Last year, staff enjoyed average pay and bonuses of $160,472 including pension contributions. Salaries, pension contributions, bonuses, and social welfare payments added up to $12.9m.

Total pay for the firm’s seven directors, including two who resigned in May of last year, totalled $1.5m.

The firm also has offices at Shannon and last year acquired 23 aircraft and sold 12 aircraft to various parties.

The directors report also states that AerCap Ireland had a beneficial interest in 1,034 aircraft and seven engines through owning special purpose entities at the end of last year.