Air Lease posts quarterly loss on charges from jets stranded in Russia

Reuters Air Lease Corp on Thursday reported a quarterly loss after the aircraft lessor recorded a previously announced 802.4 million charge on the value of jets stranded in sanctionshit Russia.

Global aircraft leasing companies have been scrambling to repossess more than 400 jets worth almost 10 billion from Russian airlines, which have mostly been unresponsive to demands for surrendering the jets.

“While we wroteoff our Russia exposure, we are vigorously pursuing our insurance coverage and believe we have strong and valid claims,” said Air Lease Chief Executive John Plueger.

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.