Aircraft finance unit write down drains Morgan Stanley profits

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.