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Wizz Air’s profits fell by more than 40 per cent last year as the low-cost carrier grappled with the grounding of its planes due to engine problems, sending shares down 24 per cent on Thursday.
The London-listed airline said net profit for the year to the end of March slumped 41.5 per cent year on year to €213.9mn, as it was hit with higher costs and capacity constraints resulting from more than 40 of its aircraft being out of action.
Problems with Pratt & Whitney engines have limited Wizz Air’s growth plans since the RTX-owned engine maker began recalls of its engines for inspections in 2023, due to concerns over contaminants in the powdered metal used to make its turbofan engines.
Wizz Air has been the worst-hit airline in Europe, issuing two profit warnings in the last financial year.
József Váradi, Wizz chief executive, said the number of grounded aircraft would start reducing in both “absolute and relative terms”, insisting the airline was a “more resilient business today”.
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