Air Lease suffers quarterly deficit due to stationary jet charges in Russia

The company reported net loss of $479.4 million, or $4.21 per share, in the three months ended March 31, compared to a profit of $80.2 million, or $0.70 per share, a year earlier. Revenue rose 25.7% to $596.7 million in the quarter.

Air Lease Corp posted a quarterly loss on Thursday after taking a previously announced $802.4 million charge on the value of jets stranded in Russia due to sanctions. Global aeroplane leasing businesses have been trying to reclaim over 400 planes worth over $10 billion from Russian airlines, who have largely ignored calls to surrender the planes. “While we wrote off our Russia exposure, we are aggressively seeking our insurance coverage and feel we have strong and genuine claims,” stated John Plueger, CEO of Air Lease.

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