AerCap Holdings, the aircraft leasing giant that is the world's largest owner of jets, lost 113 planes when Russia seized them in response to sanctions triggered by the war in Ukraine.
The seizures of the planes and 11 jet engines by Russian authorities caused AerCap to take a $2.7 billion pre-tax charge during the quarter, causing the company to report a net loss of $2 billion rather than the $500 million profit it would have made without the hit. But company executives said the quarter was actually a good one and they see better times ahead as global demand for flying continues to recover from the Covid pandemic.
"Read MoreThe company owns a total of 1,624 aircraft, far more than owned or operated any single airline. The jets lost to Russia represented less than 5% of the net value of Aercap's fleet, which grew larger during the pandemic by purchasing rival leasing firm GECAS from General Electric .Aercap should easily ride out the financial loss of the jets, said Richard Aboulafia, managing director with AeroDynamic Advisory.
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