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Dublin Aerospace profits takeoff

Dublin Aerospace, the aircraft maintenance company set up by former Aer Lingus and Ryanair execut...
Newstalk
Newstalk

08.18 17 May 2016


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Dublin Aerospace profits takeo...

Dublin Aerospace profits takeoff

Newstalk
Newstalk

08.18 17 May 2016


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Dublin Aerospace, the aircraft maintenance company set up by former Aer Lingus and Ryanair executive, Conor McCarthy saw its pre-tax profits almost double last year to just over €3m.

Revenues rose more modestly – by 13% to €44m – on the back of both of higher volumes of aircraft overhaul activity and higher margins.

The Irish firm has also just won a five-year contract with Malaysia's AirAsia to provide maintenance to its air crafts. Its founder, Mr McCarthy was involved in the setting up of the Asian airline.

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The company, which was established in 2009, operates from a 20,000 sq meter hangar facility at Dublin Airport and increased employment numbers by 35 to more than 231 last year.

Staffing costs increased by 9% to €10.7m during the year while directors' pay dipped slightly from €150,869 to €148,713.

"The increase in turnover was principally accounted for by higher volumes in aircraft overhaul activity but turnover in each business unit increased year-on-year," the report notes.


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