Avolon loses $173m as it fails to secure return of airlcraft leased to Russian companies

Irish lessor Avolon lost €173 million in the first three months of the year after it could not get back aircraft leased to Russian airlines.

Chief executive Dómhnall Slattery said that while Avolon was making every effort to recover the planes, it accounted for their loss to put “the financial impact of Russian sanctions firmly behind us”. He pointed out that Avolon regarded the aircraft as been stolen because the Russian carriers that have kept the planes are not paying rent for them.

The Irish company recognised a total loss of $304 million against the 10 ’planes involved after reducing their value to zero on its books.

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