Shannon Engine Support (SES), the aircraft engine leasing joint venture between Snecma and General Electric, made profits of $46.7 million (€35.5 million) last year.
The company, which employed 16 people in 2005, paid no tax as a result of capital allowances. According to accounts filed with the Companies Office, SES's net profit grew by 30 per cent last year. The accounts show that the company was facing a tax bill of $4.67 million last year, however it was offset by €4.68 million of capital allowances.
SES now has accumulated profits of $185 million. Turnover increased by 16 per cent from $86 million in 2004 to $100 million.
The largest proportion of the company's business is carried out in Europe where it recorded sales of $46.7 million. This compares to sales of $26 million in Asia- Pacific and $17.4 million in the US. The company's total assets are valued at $567 million, including $35 million "cash at hand in bank".
According to a statement attached to the accounts, "SES had a successful year with the company operating effectively. Demand for the company's products as measured by the utilisation level of its portfolio of aircraft engines has been very strong throughout 2005 and is expected to remain at similar levels for the foreseeable future".
According to the company's managing director Pat Bergin, the company has agreements to add 72 engines, valued at over $550 million, over the next four years. This would bring the company's total portfolio to 270 engines.
