The private bus operator Aircoach has moved into the black for the first time, according to accounts to be filed with the Companies Office shortly.

The accounts for the year to July 31st, 2002 show the company producing an accumulated profit of €66,074, compared to a loss of €537,532 in the corresponding period in 2000-01.

Aircoach, which operates various routes to Dublin Airport, has been growing steadily and recently won the contract to operate the bus service in the long-term car parks at Dublin Airport.

While trading as Aircoach, the name of the company is Last Passive Limited.

The biggest contributor to the figures was a sizeable drop in net current liabilities from €553,518 in the last set of accounts to €93,003 up to July 2002.

As a small company, Aircoach is entitled to avail of exemptions in the Companies Acts, which means the amount of financial information available is reduced.

However the accounts do show that, in the period under review, the company had €183,922 of cash "in hand" and in the bank, although it did avail of banking overdraft facilities from AIB.

Mr John O'Sullivan, managing director of Aircoach, said the company was reaching a symbolic point where profitability should be guaranteed.

He said losses had been severe in previous years, but increased demand on its airport routes had helped reverse the situation.

The company is hoping for a major expansion in 2004 if the Minister for Transport, Mr Brennan, franchises out 25 per cent of Dublin Bus routes. Mr O'Sullivan has said that Aircoach would be interested in competing for some or all of these routes.