News
China Aircraft Leasing Group flags interim loss from impact of Russia-Ukraine war
July 20th 2022
China Aircraft Leasing Group Holdings Limited (CALC) expects to report a net loss for the six months to June 30 of between HK$130 million to HK$170 million (US$16.6 million-US$21.7 million) after fully writing down the book value of its aircraft stranded after Russia invaded its neighbouring country. Read More » The forecast loss compares CALC’s net profit of HK$302.6 million in the same six months in 2021. “The group believes there is uncertainty to repossessing the aircraft from Russia in the foreseeable future,” CALC said in a regulatory filing to the Stock Exchange of Hong Kong. “Although the group has filed insurance claims related to the aircraft and is vigorously pursuing all available means to recover its losses, given the unprecedented circumstances, the relevant process time may be longer and uncertain.” If the impact of the one-off net write-off of HK$438.6 million was excluded, the lessor was on track to report a net profit of HK$270 million-HK$310 million for the period.
