Leasing giant Avolon books $244m in once-off charges over Russian-seized aircraft

Dublin-based lessor reports full year profits of $9 million after impairment charges related to seizure of 10 aircraft by Russian state in February last year

Andy Cronin, chief executive of Avolon, said the outlook for 2023 was positive after a strong recovery in the global aviation industry.

The final cost of Russia’s decision to keep a fleet of aircraft owned by Irish aircraft lessor Avolon came to $244 million (€227 million), according to full year results filed by the company on Thursday.

The Dublin-based aircraft leasing giant reported full year profits of $9 million, which was down more than 80 per cent on the previous year due to once-off impairment charges related to the seizure of the 10 aircraft by the Russian ...