Wizz Air shares take off after plans to cut UK routes
Shares in Hungarian low-cost airline Wizz Air climbed by 3.9% after the company announced it is halving growth plans for flight routes to the UK market due to the Brexit vote to leave the European Union, according to a report today by online news source Proactive Investors.
Net profit of the company climbed 54% year-on-year to €51 mln in the first quarter of its business year started April 1, an earnings report released today shows, according to Hungarian news agency MTI. Earnings rose on higher turnover, an improved margin and a net financial gain, the report added.
The drop in value of the British pound after the referendum has led to a weakness in fares priced in euros, Wizz Air said, noting that it will redeploy its capacity to non-UK routes, as Proactive Investors reported.
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