Home Airlines Wizz Air Q1 net profit up 50.4%

Wizz Air Q1 net profit up 50.4%

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CEO: “Particularly strong performance from Easter traffic”
Wizz Air’s strong performance continues. The Central and Eastern European budget carrier has posted a 50.4% leap in net profit for its latest financial quarter, from March 31 to June 30.
The Budapest-based group recorded a record first-quarter net profit of €58.1 million. Revenue reached €469.3 million, up 28.6%, while passenger numbers were up 25.2% to 7.2 million. Wizz forecasts annual net profit close to €270 million.
“The company experienced a particularly strong performance from Easter traffic in the first quarter,” CEO József Váradi said.
He said that the airline’s stimulation of the market through low fares and the fact that Central and Eastern European economies are growing faster than those in Western Europe are also helping the figures.
He added note of caution: “However, as we have seen in recent history, airlines tend to compete away the benefit of lower fuel prices with extra capacity. Therefore, we remain cautious on the prevailing yield environment in the second half of this financial year, a period in which the company has very limited visibility.”
ATW

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