Aircraft engine-maker Pratt & Whitney, which was blamed by Go First for its voluntary insolvency, will take a hit of $181 million due to a charge related to it. The company's operating profit fell 24% year-on-year to $230 million in the quarter ended June due to the impact of "a charge related to a customer insolvency of $181 million", it said in its Q2 results press release.
The U.S.-based aerospace company didn't directly name Go First as its customer. But Go First blamed its failing engines, which forced the airline to shut operations in May. Pratt & Whitney said that had it not been for the charge related to the customer's insolvency, the adjusted operating profit would have risen 44% year-on-year to $436 million in the June quarter.
29/07/2023 Vinay Khulbe/BQ Prime
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