Wizz Air’s net profit fell 21% in the six months to the end of September.
Much of the decrease, from €400.7m the previous year, to €315.2m this year, was because the airline has had to ground aircraft due to potential problems with Pratt & Whitney engines.
Wizz Air said it received compensation for the loss of aircraft over the summer, although it did not say how much. It is negotiating more compensation with Pratt & Whitney as the problems continue – with between 40 and 45 planes likely to be grounded at any one time over the next 18 months.
Chief Executive Joszef Varadi said Wizz Air’s performance had been ‘resilient’, and the airline said it carried a record 6.2m passengers in August.
“Bookings since the period end show no softening of demand, and we are anticipating a positive momentum into the second half in terms of both bookings and yield, notwithstanding the volatile geopolitical situation in the Middle East,” he said.
“Our operations in Tel Aviv have been suspended until the middle of January 2025 with capacity reallocated across our network focusing on route densification, and we continue to monitor the situation closely in the region.
“As at the end of October, all one-off wet leases have been terminated and a new compensation scheme is being negotiated with Pratt & Whitney, providing stability for the rest of the financial year.
“Compensation has been received for the H1 F25 period and a new compensation scheme is being negotiated with Pratt & Whitney effective from 2025, following the expiry of the existing package on 31 December 2024.”
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Much of the decrease, from €400.7m the previous year, to €315.2m this year, was because the airline has had to ground aircraft due to potential problems with Pratt & Whitney engines.
Wizz Air said it received compensation for the loss of aircraft over the summer, although it did not say how much. It is negotiating more compensation with Pratt & Whitney as the problems continue – with between 40 and 45 planes likely to be grounded at any one time over the next 18 months.
Chief Executive Joszef Varadi said Wizz Air’s performance had been ‘resilient’, and the airline said it carried a record 6.2m passengers in August.
“Bookings since the period end show no softening of demand, and we are anticipating a positive momentum into the second half in terms of both bookings and yield, notwithstanding the volatile geopolitical situation in the Middle East,” he said.
“Our operations in Tel Aviv have been suspended until the middle of January 2025 with capacity reallocated across our network focusing on route densification, and we continue to monitor the situation closely in the region.
“As at the end of October, all one-off wet leases have been terminated and a new compensation scheme is being negotiated with Pratt & Whitney, providing stability for the rest of the financial year.
“Compensation has been received for the H1 F25 period and a new compensation scheme is being negotiated with Pratt & Whitney effective from 2025, following the expiry of the existing package on 31 December 2024.”
The post Wizz Air profits fall by more than 20% appeared first on Travel Gossip.
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