Home Airlines Wizz boosts profits, clashes with Ryanair

Wizz boosts profits, clashes with Ryanair

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Low fuel costs push profits at Wizz to record levels
Low fuel costs and bigger volumes have boosted profits at Wizz Air to record levels. And the low-cost airline is forecasting further profit rises in 2017, despite intensifying competition.
The UK-listed Hungarian airline reported net profit for the year ending March at €224 million, up 53% from the previous year and ahead of an earlier forecast.
It carried 20 million passengers, up 21%, while revenue jumped 16% to €1.43 billion.
Jozsef Varadi, founder and chief executive, said the company would do “whatever it takes” to remain competitive on pricing as it goes head to head on many routes with low-cost giant Ryanair.
Ryanair carried more than 100 million passengers over the last year and is planning to base nine more aircraft in central and eastern Europe this year.
FT

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