Pembroke Capital reports $25m profit

IRISH AIRCRAFT leasing and finance company Pembroke Capital paid a dividend of $3.3 million (€2

IRISH AIRCRAFT leasing and finance company Pembroke Capital paid a dividend of $3.3 million (€2.57 million) to its parent Standard Chartered in 2009, according to the latest accounts filed for the business.

It was a good year for the business, with profits more than doubling to $25.1 million.

Staff were well remunerated during the period. The 24 employees were paid $8.1 million in wages and salaries in 2009. Directors’ remuneration amounted to $4 million, along with $167,000 in pension contributions.

The five directors are Peter Moylan, Kieran Corr, Gerard Burke, David Williams and Raghunandan Menon. The last two live in England and were appointed directors in March 2009.

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It wasn’t such a good year for its subsidiary, Pembroke Capital Shannon Ltd, an aviation advisory business that slipped into the red.

The Limerick-based company made a loss of $700,000 in the year compared with a profit of $2.4 million the previous year.

Revenue fell to $1.7 million from $4.2 million in 2008.

Pembroke has a portfolio of about 100 aircraft.

Ciarán Hancock

Ciarán Hancock

Ciarán Hancock is Business Editor of The Irish Times