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Profits rocket at low-cost carrier
Low-cost carrier Wizz Air saw its underlying profit rocket 377% in the three months to December 31.
Total revenue for the quarter was up 17.3% to €310 million, made up of €187 million in ticket sales and €123 million of ancillary revenue.
Net profit was down 20.9% to €15.6 million but underlying net profit was €17.2 million, a rise of 376.5%.
Passenger numbers during the third quarter were up 23% to 4.7 million.
The airline’s load factor went up from 84.6% to 85.7%
Wizz Air added 19 routes in the third quarter to Hungary, Lithuania, Macedonia, Poland, Romania and Serbia. It also opened its 22nd base, in Debrecen in Hungary. It will open its 23rd, in Iasi in Romania in July.
Chief executive József Vradi said: "Our results in the third quarter have been ahead of expectations with robust trading across all of our markets. In light of this performance and encouraging forward bookings in the fourth quarter the Company today raised its underlying net profit guidance for the full year to a range of between €200 million to €210 million.
"We are reporting record underlying Q3 profitability while also delivering 23% growth in passenger numbers which re-affirms the opportunity we see in Central and Eastern Europe.
"The third quarter also saw a number of key milestones for Wizz Air as we position ourselves for further growth. We took delivery of our first two A321ceo aircraft and completed the order for 110 Airbus A321neo aircraft.
"We also signed our largest ever lease agreement for 11 Airbus A321ceo aircraft. These larger and more fuel efficient aircraft will underpin our growth plans for the next decade and ensure that we maintain our industry leading ultra-low cost base."
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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