Ilyushin Finance To Start Offering Western Jets For Lease In Russia

Ilyushin Finance Co. (IFC), Russia’s oldest and largest aircraft leasing company, is planning to procure Western aircraft types to help the vast country’s airlines to meet soaring demand. Airline traffic grew 13.4 percent in 2011 and has continued at a similar pace this year.

Russia’s own aerospace industry currently produces very few commercial airplanes but airlines have often had barriers put in the way of deals to procure Western types. However, the logjam seems to have been broken, temporarily at least, and during 2012 IFC intends to buy 10 Western turboprops to add to the 20 CSeries jets it ordered last year from Canada’s Bombardier. It has also ordered 20 An-158s from Ukraine’s Antonov.

IFC’s aircraft assets comprise 33 An-124s, Il-96s, Tu-204/214s and An-148s, which in total are worth more than $1.1 billion. This year IFC added a level-D full-flight simulator for the An-148, in which it invested approximately $20 million. Last year, the lessor registered revenues of almost $167 million and an $8.3 million profit.

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