Atlantic Aviation Group ends tough year back in profit

Aircraft-maintenance firm, the Atlantic Aviation Group, has booked gains of €4.6m in write-downs on monies owed to creditors and on bank loans, as part of the rescue of the business.

The Shannon-based group — formerly Transaero Engineering — exited examinership earlier this year and new accounts show that it recorded pre-tax profits of €4m in the 16 months to the end of April this year.

The accounts, filed by Atlantic Aviation Group Ltd, show that the group booked a €3.2m gain from a reduction in the amount owed to creditors, and €1.4m from the reduction in the amount owed in bank loans.