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Wizz Air H1 revenues up almost 25%

MNB

LaMography

Hungarian low-cost airline Wizz Airʼs revenues rose 24.8% year-on-year to EUR 1.149 billion in the first half of its business year, an IFRS earnings report released on Wednesday shows, according to state news agency MTI. 

(Photo: LaMography)

Passenger numbers increased by 25% year-on-year to 15.62 million in the six months to September 30, 2017. Ticket revenues increased by 20.8% to EUR 685.1 mln. 

The airlineʼs load factor increased by 1.7 percentage points to 92.8%.

Fuel costs per available seat kilometer were 2.2% higher. Total operating expenses rose 26.1% to EUR 844.9 mln on higher staff, fuel, aircraft rental and marketing costs, together with higher airport charges. 

Even so, operating profit was still up 21.3% at EUR 304.5 mln and profit before tax was up 14.5% at EUR 300.7 mln.

CEO József Váradi said the H1 results are ahead of expectations with robust business seen across all markets. The company has recently announced 57 new routes, taking its network to over 550 routes to and from 28 bases in 43 countries. 

Wizz Air has also expanded its fleet with six Airbus A321 and one Airbus A320 aircraft added during H1, taking the fleet to 86 aircraft, a mix of 64 A320s and 22 A321s. 

The company said it expects EUR 265-280 mln net profit for the 2017-2018 financial year. 

The airlineʼs shares are listed on the London Stock Exchange, noted MTI.

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