Hungarian low-cost airline Wizz Air’s after-tax profit rose by 12.5% to 32.9 million euros in the first quarter of its business year started April 1 from the same period a year earlier, according to an earnings report. Wizz Air operates a fleet of 63 Airbus A320 aircraft, flying to 112 destinations in 38 countries. The airline’s shares are listed on the London Stock Exchange.
Wizz Air’s bottom line was lifted by higher revenue, as it expanded capacity, and a lower financial loss. Revenue climbed by 12.7% to 332.5 million euros as passenger numbers increased 20.3% to 4.9 million. Costs rose at a faster clip, growing by 13.6% to 297.8 million euros. Wizz Air attributed most of the cost increases to capacity growth. “Forward bookings indicate robust demand for the important peak summer period and as a result underlying net profit for the full year is now expected to be in the range of EUR 175 million to EUR 185 million (a EUR 10 million increase versus previous guidance),” the company’s management said.
“The first quarter has been an exciting period for Wizz Air. We have continued to grow our network and increase our passenger numbers throughout the period while maintaining an industry leading, ultra-low cost base. Today we are pleased to announce a record set of results for the first quarter with a strong performance against all key operating and financial performance measures. We continue to deliver against our ambition to make safe, reliable, affordable air travel available to everyone in Central and Eastern Europe”, József Váradi, Wizz Air Chief Executive said commenting the report.
via hungarymatters.hu, portfolio.hu and wizzair.com photo: iho.com