Wizz Air Holdings Plc lowered its profit outlook for fiscal 2024 as aircraft engine issues, along with growing concerns about the economy and geopolitical tensions, limit growth.

The shares fell 8.3% as of 8:23 a.m. in London, the biggest drop in a month, after Wizz lowered the top end of its forecast by €50 million ($54 million). Net income this year will be in a range of €350-400 million, the company said in a statement Thursday, reflecting economic uncertainty, operational challenges and security concerns.

First-half profit totaled a record €401 million, benefiting from strong summer demand, Wizz said. Revenue advanced 39% to €3.05 billion in the six months through September, as expansion in markets such as the Middle East took hold. The company said operational improvements had resulted in fewer flight cancellations and load factor improved to almost 93%.

Bookings during the winter low season are “looking good,” Chief Executive Officer Jozsef Varadi said in a Bloomberg TV interview, adding that the low-cost carrier will benefit as consumers feel the pinch of a slowing economy. Spending power is under pressure “and that’s fine for us,” Varadi said.

Still, security is a growing concern. The company said it was suspending service to Israel through the end of this month. Other carriers, such as Ryanair Holdings Plc and Air France-KLM, have reported cancellations or softening demand in the Middle East.

Wizz is also managing through an issue with geared turbofan engines supplied by manufacturer Pratt & Whitney, which it said will ground 45 of its Airbus aircraft through the end of 2024.

“With fewer planes in the sky making money, numbers are likely to come down,” Bernstein analyst Alex Irving said in a note.

The company is extending leases on 13 older planes and has secured compensation from the manufacturer, it said. Some 3,000 Pratt engines in the global fleet will need to be removed for inspections and possibly repairs for an issue involving powder metal used in some parts.

Wizz will be able to maintain capacity through new aircraft deliveries and lease extensions, Varadi said. “I think we will be fine.”

--With assistance from Anna Edwards and Tom Mackenzie.

(Updates with revenue, summer results from third paragraph.)