Budget airline, Wizz air, warned that it expected to cut utilization another 5% for the summer to reduce the impact of ‘ongoing external disruptions’ - including labor shortages and staff strikes at European airports
Expects 'material' profit this quarterexpects to have to cut flights this summer due to labour shortages and strikes at European airports, the budget airline said on Monday, sending its shares down around 5%.
Wizz Chief Executive József Váradi had said in June the company was confident of returning to pre-COVID productivity by reaching full utilisation of its aircraft this year. However, the company said on Monday it expected to cut utilisation another 5% for the summer to reduce the impact of "ongoing external disruptions".After a blip caused by the Omicron coronavirus variant, travel demand has roared back, with airlines betting on summer holiday travel in July-September to boost their bottom-lines.
But strikes and staff shortages are forcing airlines to cancel thousands of flights and causing hours-long queues at major airports across Europe. Airlines have raised fares to offset higher fuel costs, with pilots and cabin crews making a case for higher pay due to inflation.Scandinavian airline SAS
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