BOC Aviation has reported a net loss after tax of US$313 million for the first half of 2022. The primary reason for the loss is the write-down of the net book value of 17 aircraft that remain in Russia of US$804 million. This was partially offset by cash collateral held in respect of those aircraft of US$223 million and tax credits of US$63 million. Excluding this impact, BOC Aviation’s core net profit after tax (NPAT) was US$206 million. During the six months ended June 2022, BOC Aviation generated positive operating cash flow net of interest expense of US$717 million and

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