Latest news with #lowcostairline
Zawya
5 days ago
- Business
- Zawya
Flynas celebrates launching direct flights between Riyadh and Damascus
Riyadh: flynas, the leading low-cost airline in the world and the best LCC in the Middle East, celebrated launching direct flights Between Riyadh and Damascus on Thursday, June 5, becoming the first Saudi airline to connect the two countries in 12 years, further expanding its network in line with flynas growth and expansion plan, launched under the title "We Connect the World to the Kingdom," in parallel with the objectives of the National Civil Aviation Strategy to enable national air carriers to contribute to connecting KSA with 250 International destinations and to accommodate 330 million passengers and to host 150 million tourists yearly by 2030 and the objectives of the Pilgrims Experience Program (PEP) to facilitate access to the Two Holy Mosques. An inaugural ceremony was held at King Khalid International Airport (KKIA) in Riyadh on Thursday, June 5, attended by the Syrian Charge d'Affaires Hussain Abdulaziz and representatives from flynas and the Riyadh Airports Company, which manages and operates KKIA, as well as media representatives. Travelling guests on the departing inaugural flight to Damascus were welcomed with giveaways, and the aircraft was received with a "water salute" upon its arrival at Damascus International Airport, in the presence of the Saudi Charge d'Affaires Abdullah Al-Haris, and representatives from the Syrian General Authority of Civil Aviation, flynas, and Damascus International Airport. Resuming flights to the Syrian capital confirms flynas' commitment to strengthening ties between the two brotherly nations, as the leading LCC has been a pioneer in providing air routes between the Kingdom and various Syrian cities. flynas previously operated direct flights from Riyadh and Jeddah to Damascus, Aleppo, and Latakia. flynas operates 139 routes to more than 70 domestic and international destinations in 30 countries with more than 2000 weekly flights and has flown more than 80 million passengers since its launch in 2007, with the aim to reach 165 domestic and international destinations within its growth and expansion plan, and in line with the objectives of Vision 2030. Passengers traveling with flynas can book their flights through all flynas booking channels: the flynas app, the call centre (920001234), or travel agents.
Telegraph
5 days ago
- Business
- Telegraph
Wizz Air suffers £500m slump as engine troubles ground planes
Almost half a billion pounds has been wiped off the value of Wizz Air after engine troubles forced it to ground dozens of planes and triggered a slump in earnings. Wizz Air shares fell by more than 25pc on Wednesday after the low-cost airline said operating profit in the 12 months through to March had dropped to barely a third of the previous year's total. The slump saw the company's market capitalisation fall by £480m to £1.25bn. The Hungarian airline's problems stem from issues with the Pratt & Whitney GTF engines that power Wizz's Airbus A320-series jets, problems that have plagued all operators that use these components. Wear and tear to the engines have left a significant chunk of Wizz's fleet idled at any one time as turbines are sent off for repair. The Pratt engine crisis, caused by the use of contaminated powdered metal during manufacturing, which causes components to crack, has affected more than 40 A320 operators. However, Wizz has been the worst hit in Europe. József Váradi, the chief executive of Wizz, said the company was forced to lease a dozen aircraft and 40 spare engines to fulfil its flight schedule and defend key markets. Only a proportion of these costs were covered by a compensation package from US-based Pratt, leading to the sharp drop in earnings. He said: 'We had to protect capacity in the strategic interests of the company. That has cost us a lot of money, but otherwise competitors would have taken those markets that we had invested in previously. 'Even then, we're simply not able to fly the total fleet as much as we would, which also comes with significant costs.' The measures pushed up overall expenses, excluding fuel, by 20pc. Operating profit fell from €438m (£369m) to just €168m, sending Wizz shares tumbling, while net income was lower than expected. Wizz also saw its operations curtailed by the conflict in Ukraine. While listed in London, the company is based in Hungary and is a leading carrier in several East European countries where the war has limited flights. Services to Israel, a major market for the airline, operated only intermittently in response to the fluctuating security situation. While Wizz predicted revenue would increase this year, it declined to provide profit guidance. Management also warned that Wizz was having to cut fares to attract customers. Mr Varadi said the fleet situation should ease in the next year. The number of planes grounded dropped from 42 at the end of March to 37 as of May 9 and should be reduced to 34 by September. Despite the recent setback, Wizz Air still has ambitious expansion plans. It has signed a deal for more than 300 Airbus jets worth more than $45m (£33m), to be delivered by the end of the decade. It has ordered the biggest 230-seat A321s in a bid to undercut larger rivals Ryanair and easyJet. Mr Varadi said Wizz Air could double the size of its British-based fleet from 20 planes to 40 if airport expansion plans go ahead as expected. Government backing for a second runway at Gatwick is expected to be given later this year, while plans for expansion of Luton, Wizz's biggest UK hub, were signed off by Heidi Alexander, the Transport Secretary, in April.
