South Korea's Asiana Airlines made an operating profit of W177 billion ($139 million) in the first quarter, reversing a loss of W11.2 billion in the same period of 2021. Sales increased 46% to W1.14 trillion, the airline says. Passenger business sales grew 102% to W201 billion, while cargo sales were up 45% at W884 billion. Domestic and international sales rose 82% and 112% year on year, respectively. Asiana says it focused on maximising the utilisation rate of cargo aircraft, including passenger jets modified for cargo-only flights maintaining European routes supply through flexible route operation such as bypassing Russian airspace and adjusting stopovers, and securing advance demand through long-term charter contracts. The airline notes that it has reported operating profit for the last four consecutive quarters "thanks to recovery in international demand and brisk cargo sales". Net profit for the quarter was W36.4 billion, rebounding from a loss of W230 billion in the prior-year period. "After the government lifted the self-quarantine for overseas inbound travellers, we plan to increase international flights to meet the increasing travel demand and resume flights to Rome, Paris, Barcelona and Istanbul," says Asiana. "The business will also respond flexibly to market conditions and try to increase profitability."

Wizz Air intends to establish a new airline subsidiary in Malta with operations scheduled to begin in October. The budget carrier says it is seeking to obtain an air operator's certificate with the European Union Aviation Safety Agency and an operating licence with the Malta Civil Aviation Directorate for the new subsidiary. Wizz Air signed an "arrangement on reallocation of responsibility" document with the two regulators on 17 May, it says. Plans for the new subsidiary foresee operation with Maltese-registered aircraft. The airline's chief executive Jozsef Varadi states: "Wizz Air is constantly evaluating the structure of its business and exploring options to establish new AOCs and bases in Europe and beyond. The successful establishment of Wizz Air Malta later this year will help to reinforce our strong position and support our expansion plans in Europe."

Russian flag carrier Aeroflot has reportedly purchased eight Airbus A330-300s from non-Russian leasing companies, but it remains unclear from which lessors they have been acquired. Aeroflot has 12 A330-300s in its fleet, including three on lease from AerCap and one managed by Goshawk as part of its SJETS 2017-1 asset-backed securities portfolio. An additional three aircraft are managed by undisclosed brokers, banks or lessors, according to fleets data. Aeroflot said on 13 May that it had bought eight A330s from foreign leasing companies "as part of the fulfilment of contractual obligations", according to a same-day Reuters report. It did not state from which lessors it purchased the widebodies. Goshawk said on 16 May that it has not sold its A330-300 (MSN 1264) to Aeroflot. The aircraft, it adds, is one of six excluded from the sale of Goshawk to SMBC Aviation Capital, the close of which was announced on 16 May. Under the deal, SMBC Aviation Capital will acquire "substantially all" of its commercial aircraft leasing business, excluding any assets leased to Russian airlines. Russia's invasion of Ukraine on 24 February led to wide-ranging sanctions from the West. Shortly after the invasion, the European Union gave lessors until 28 March to wind up aircraft lease contracts in Russia. Some aircraft were repossessed, but most remain in Russia and the prospects for lessors reclaiming them are dim. Finance leased aircraft look to be in a better position than operating leased aircraft. On 8 April, the European Union published amendments to its sanctions stating that lessors could collect payments on financial leases concluded before 26 February 2022 and could transfer ownership of the aircraft to the Russian airline "after full reimbursement of the financial lease". AerCap's chief executive Aengus Kelly said on 30 March during an analyst call that his company would "vigorously pursue" its claims for compensation relating to its aircraft that were on lease to Russian carriers.