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Dubai Aerospace Enterprise (DAE), one of the world’s biggest aircraft leasing companies, posted a net loss of $491.3 million for Q1 2022 compared to a net profit of $8.3 million in the year-ago period due to write-off related to its Russian operations.
The loss came after adjusting for exceptional items, the Dubai-based company said in a statement on its website on Friday. The exceptional items included net write-off of aircraft with airlines in Russia worth $576.5 million.
Net Income before the exceptional item increased by 91 percent y-o-y to $46.6 million, it added.
Firoz Tarapore, Chief Executive Officer of DAE, said the company proactively addressed the loss of control of aircraft on lease to airlines in Russia by writing off net investment.
"We have filed claims of $1.0 billion under certain insurance policies and expect to file additional claims to recover amounts due to us."
Total revenue for Q1 was $298 million versus $307.5 million a year ago.
DAE is owned by the Dubai government’s main investment arm, the Investment Corporation of Dubai.
(Reporting by Brinda Darasha; editing by Seban Scaria)
