BUDAPEST: Hungarian low-cost airline Wizz Air’s total revenues grew by 9.9% to EUR 341.1 million in Q3 of its financial year, with ticket revenues growing by 2.5% to EUR 191.8 mln and ancillary revenues up 21.0% to EUR 149.4 mln, the airline said in an earnings report issued today.
Reported net profit for Q3 (IFRS) was a record EUR 32.5 million, a year-on-year increase of 107.8%, while underlying net profit for the period was EUR 13.5 mln, a year-on-year decrease of 21.5%, according to the report. Total cash at the end of December 2016 was EUR 892.0 mln, of which EUR 746.8 mln was free cash, the report added. Wizz Air’s fiscal year ends on March 31.
“I’m pleased to report another quarter of profitable growth, increasing passenger numbers by 20% year-on-year to 5.7 million in the third quarter. Wizz Air remains on track to strengthen its position during the 2017 financial year through continued growth in our core markets and expansion of our network,” said Wizz Air CEO József Váradi.
“Although the current financial year is looking like a very good year for Wizz Air and we remain excited about our prospects for the next financial year, lower fuel prices continue to feed through to lower airfares, and this downward trend looks likely to continue well into 2017. Also, our operations this winter have been disrupted by unusually severe weather conditions in the CEE. As a result, management believes it is prudent to trim the companyʼs guidance for net profit for the full year from the existing range of EUR 245-255 million to a range of EUR 225-235 million,” added the CEO.
