Aircraft leasing firm receives profit boost on Russia insurance payout

Insurance proceeds of $258m were in respect of 11 of the 15 aircraft owned by the firm detained in Russia, Boc Aviations says

The directors say the company is continuing to pursue claims in respect of aircraft currently or formerly detained in Russia. Picture: iStock

The Irish arm of aircraft lessor Boc Aviation last year recorded pre-tax profits of $308.19m (€278.8m), mainly due to a $258m insurance payment received concerning 11 aircraft detained in Russia.

New accounts filed by the Dublin-based Boc Aviation (Ireland) Ltd show the pre-tax profit of $308.19m followed a pre-tax loss of $347.3m in the previous year — a positive swing of $655m.