Wizz Air has reported a significant drop in its half-year profit, with figures showing a 21.3% decrease in net profit to €315.2m (£262.7m) for the six months ending on 30 September.
The Hungarian budget carrier also saw a decline in EBITDA by 5.9% to €826m, despite passenger numbers remaining stable at 33.3m and revenue slightly increasing by 0.5% to €3.1bn compared to the previous booming year of travel in 2023, as reported by .
"Wizz Air has delivered a resilient performance in the first half, driven by solid air travel demand and strong focus on operational efficiency," said CEO Jozsef Varadi in a statement today.
The results come against the backdrop of a difficult year for the low-cost airline, which has been grappling with supply chain disruptions and geopolitical tensions affecting the Middle East and Ukraine, hindering its ability to fully benefit from the robust demand for travel.
Heading into October, Wizz Air had 41 aircraft grounded as it continues inspections of its Pratt & Whitney engines. The London-listed company has faced capacity cuts over the past two years due to issues with the geared turbofan (GTF) engines provided by the American aerospace manufacturer.
On Thursday, it was announced that the average groundings would decrease to between 40 and 45 aircraft over the next 18 months, compared to a previous estimate of 50. Compensation discussions are currently in progress.
"Cost control remained a key focus area during the first half," stated Varadi.
