Air Lease's quarterly profit, revenue jump on robust aircraft leasing demand

May 5 (Reuters) - Air Lease AL.N reported a rise in its first-quarter profit and revenue on Monday, as aircraft lessors benefit from high rental revenue amid a short supply of new jets.

Aircraft lessors have been cashing in on strong rental revenue as airlines scramble for jets in the face of persistent supply-chain disruptions and a tight supply of aircraft.

"We continue to benefit from robust global aircraft demand in both leasing and aircraft trading as significant aircraft supply constraints persist," Air Lease CEO John Plueger said.

But prolonged delivery timelines for new planes due to production setbacks at Boeing BA.N and Airbus AIR.PA have limited lessors' ability to fully capitalize on the booming market.

Shares of Air Lease were up 1.3% after the bell.

The company reported a net income of $364.8 million, or $3.26 per share, compared with $97.4 million, or $0.87 per share, a year earlier.

Net income attributable to common stockholders rose compared to the prior year mainly due to a $332 million net gain from settling insurance claims with specific insurers related to aircraft held in Russia, and higher revenue, the company said.

Total revenue rose 11.3% to $738.3 million during the quarter.