News
AerCap reports US$89 million quarterly profit
March 31st 2022
Dublin-headquartered AerCap has reported a net profit of US$88.8 million for the three months to December 31, 2021 up from US$28.5 million in the same three months in 2020. Read More » Revenue improved 39.8%, to US$1.4 billion, AerCap said in a regulatory filing. There was significant improvement in cash collections, trade receivables and deferral requests during the quarter, the lessor said. AerCap has terminated all aircraft and engine leases with Russian airlines following the imposition of sanctions against Russia after it invaded Ukraine, the filing noted. AerCap expects to book an impairment charge for the first quarter of 2022 against assets in Russia that have been returned and has yet to determine the amount of any impairment. "Notwithstanding the Ukraine invasion and the broad sanctions imposed against Russia, where we had approximately 5% of our fleet, we believe the continued recovery in air travel in many parts of the world puts AerCap on a positive trajectory in 2022," AerCap CEO, Aengus Kelly, said.
