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Wizz Air CRASHES! Profits PLUMMET 41% in Unbelievable Flight Fiasco!
In a jaw-dropping twist of fate, Wizz Air’s finances have taken a nosedive, with profits plummeting over 40% last year! The low-cost airline has been grounded by engine issues, sending its shares spiraling downwards by a staggering 26% in just one day!
Hold onto your boarding passes! The London-listed airline has revealed that its net profit from last year has crashed to an eye-watering €213.9 million—a monumental 41.5% drop year on year. This financial catastrophe is largely thanks to soaring costs and a fleet in turmoil, with over 40 aircraft utterly laid to rest on the tarmac.
But that’s not all! Wizz has been hit hard with soaring maintenance costs—up nearly 16%—as they scramble to lease spare planes and patch up aging aircraft. Despite a record-breaking 63.4 million passengers, the airline is feeling the pinch from all sides!
The culprit? Pratt & Whitney engines! Since the RTX-owned engine maker launched an alarming recall in 2023, Wizz Air’s ambitious plans have been, quite frankly, grounded! Concerns over contaminants in engine metal have left Wizz gasping for air.
Wizz Air is officially branded the worst-hit airline in Europe, issuing not one but TWO profit warnings last year. Despite a boost in revenue, up 3.8% to €5.3 billion, the profits just can’t keep up!
CEO József Váradi, trying to maintain his composure amid the chaos, insists the airline has managed a second successive year of profitability—even under "unique circumstances!" But make no mistake—the engine drama has wreaked “profound” havoc on the company’s financial performance!
In a desperate bid to recover, Wizz has struck a new deal with Pratt & Whitney for compensation after last summer’s losses. They’ll get reimbursed for the costs of the grounded aircraft, but at what cost to their reputation?
With 42 planes still grounded as of March, the nightmare continues! And don’t hold your breath—Wizz is bracing for another two to three years of potential disruption. Váradi ominously forecasts, “The year 2027 will be the turning year,” but only time will tell if Wizz Air can take off from this disastrous landing!
Stay tuned as this thrilling saga develops—this rollercoaster ride isn’t over yet!
photo credit: www.ft.com
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