Aircraft finance unit write down drains Morgan Stanley profits

September 21, 2005, 12:00 a.m. EDT 1 Min Read

Morgan Stanley said Wednesday its profit fell 83% in the third quarter as it took a $1 billion charge to write off the value of its aircraft financing business. Revenues did climb, however, to $6.95 billion, the highest level since 2Q02 and a 29% increase from $5.39 billion in the year-ago quarter. Without the one-time charge, Morgan Stanley would have earned $1.74 billion, or $1.09 per share.

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