Redundancy costs totalling $5.1m last year contributed to pre-tax profits at the Ireland-based Lufthansa-owned aircraft overhaul and leasing group decreasing by 37% to $21.9m (€16.58m).

Pre-tax profits at the Irish-based, Lufthansa-owned aircraft overhaul and leasing group last year more than doubled to $35.1m (€27.3m) “despite a very difficult year for the aviation industry”.