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Air Lease Corporation pushed to quarterly loss after write-off of Russia-based aircraft
May 9th 2022
Air Lease Corporation (ALC) has written off the value of its 21 owned and managed aircraft stuck in Russia since the country's invasion of Ukraine. Read More » The US$802.4 million write-off pushed the lessor to a US$479.4 million net loss for the three months to March 31, compared with a US$80.2 million net profit in the same months in 2021. Beyond the impact of the invasion on the ALC bottom line, CEO John Plueger said industry fundamentals continued to strengthen globally. "Demand is expanding both for new and young used aircraft, supporting continued firming of lease rates and bolstering the value of the existing aircraft in our fleet," Plueger said. "With the strengthening market, we are monitoring continued delivery delays from Boeing and Airbus very closely and will adjust accordingly to take advantage of market opportunities – fostering fleet growth in 2022 and beyond."
