Ryanair's founder doubles profits in leasing company

An aviation leasing company, owned by Ryanair founder Tony Ryan, saw retained profits more than double to $3.4m (€2.7m) for the year ended September 30, 2003, according to a report in the Irish Independent.

Over $10m (€8.2m) was due to Ryan, in the form of a director's loan, at the end of the year. The company, called Thomas A Ryan Associates Aerospace Ltd, had tangible assets of $33m (€27m) for the period.

Operating income for the year was $8.7m (€7.14m) with operating expenses falling to $6.7m (€5.4m). Profit on ordinary activities before taxation stood at $1.9m (€1.55m). The company paid no salaries and employed no staff during the period.

A charge on the company also reveals that the firm entered a lease agreement concerning five McDonnell Douglas model MD-82 aircraft with Alitalia.