Dubai Aerospace Enterprise (DAE), one of the world’s biggest aircraft leasing companies, posted a first half-year net loss of $397.8 million, up from $49 million a year ago, after adjusting for exceptional items.

Before exceptional items, the company made a net profit of $140 million, the Dubai-based company said in a statement on its website on Thursday.

The exceptional items included a net write-off of $576.5 million worth of aircraft leased to airlines in Russia.

DAE said the group has written off its net exposure in respect of the 19 aircraft currently in Russia and this resulted "in a net exceptional write-off before tax of $576.5 million (in relation to aircraft held for lease, maintenance reserves and security deposits and other assets and liabilities)".

It added that there was no way to determine whether these aircraft will be returned at any point in the future.

Total revenue for H1 was $582.8 million versus $613.4 million in the previous year.

DAE is owned by the Dubai government’s main investment arm, the Investment Corporation of Dubai.

(Reporting by Brinda Darasha; editing by Cleofe Maceda)