Wizz Air Reports €567m Annual Loss Amid Pratt & Whitney Engine Groundings
Wizz Air has reported a significant annual loss of €567 million (£484 million) for the year ending in March. The deficit is primarily attributed to problems with Pratt & Whitney engines on its Airbus A320neo family aircraft. These engine issues, related to a rare powder metal defect, have forced the grounding of approximately 20% of the airline's fleet for inspections. Despite the loss, the carrier saw a 30% increase in revenue and a 21% rise in passenger numbers. Wizz Air expects to receive compensation from the engine manufacturer and anticipates a return to profitability in the current financial year.
Official Source: https://www.bbc.com/news/articles/c8xwg0gdrpzo?at_medium=RSS&at_campaign=rss
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