Wizz Air profits grow on expanding capacity

Transport

LaMography

Hungarian low-cost airline Wizz Airʼs after-tax profit saw a year-on-year rise of 12.5%, reaching €32.9 mln in the first quarter of its fiscal year beginning April 1, an earnings report published today reveals, according to news agency MTI.

Wizz Airʼs bottom line was lifted by higher revenue, as it expanded capacity, and a lower financial loss, while the company’s revenue was up by 12.7%, reaching €332.5 mln, due to passenger numbers increasing by 20.3% to 4.9 million.

Costs, which the company attributed for the most part to capacity growth, climbed by 13.6% to €297.8 mln. Wizz Air reportedly booked a slight, €300,000, financial loss in Q1, compared to a €2 mln loss in the base period.

The airlineʼs management revised its guidance for full-year net profit to €175-185 mln from the previous €165-175 mln.

The company foresees costs per available seat kilometer edging down by 0.5% this year.

Wizz Air operates a fleet of 63 Airbus A320 aircraft, flying to 112 destinations in 38 countries. The airlineʼs shares are listed on the London Stock Exchange.

Wizz Air CEO József Váradi recently talked to the Budapest Business Journal about the progress of the company.

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