Wizz Air has lowered its forecast for full-year profit to between €270 and €300 million.
The budget airline reduced forecast from €310-340 million, blaming by air traffic control strikes and higher fuel prices.
The price of jet fuel is 23% higher than it was this time 12 months ago.
Shares in the group dived 5.2% to 2,527p on Wednesday, despite the group reporting a 2.7% year-on-year increase in underlying earnings and 20% growth in revenues to €1.38 billion.
Chief executive, József Váradi, said that an “encouraging revenue environment, robust demand and an improved operational performance” meant that Wizz Air was able to offset half of the disruption and headwind costs but it was not enough to prevent the downgrade.
City broker Liberum said that capacity growth at the airline would “eventually improve the industry’s ability to offset higher fuel costs through higher unit revenues”.
EasyJet (LON: EZJ) and Ryanair (LON: RYA) have also suffered from the increased fuel prices and airport disruptions.
Shares in Wizz Air (LON: WIZZ) are trading -1.27% at 2.633,00 (0919GMT).
