Mubasher: Boeing would be dealt an around $5 billion blow in the second quarter due to the worldwide grounding of its 737 Max jets after two crashes that killed 346 people.

The plane manufacturer said on Thursday that it would record $4.9 billion post-tax charge in the second quarter “in connection with an estimate of potential concessions and other considerations to customers for disruptions related to the 737 Max grounding and associated delivery delays.”

The charge amounts to $8.47 per share, while it would slash revenue and earnings before taxes by nearly $5.6 billion in the quarter.

The beleaguered aircraft has been grounded since mid-March, after the second of two fatal crashes, a Lion Air flight in Indonesia and an Ethiopian Airlines one, within five months of one another.

Airlines have cancelled thousands of flights and repeatedly delayed the aircraft’s return to their schedules.

The crisis prompted the aerospace giant to slash the production of the Max planes by nearly a fifth to 42 per month, cease deliveries.

Boeing said it assumed that the 737 Max will return to service at the beginning of the fourth quarter of this year.