1st Feb 2017 07:35
LONDON (Alliance News) - Wizz Air Holdings PLC on Wednesday reported growth in profit in the third quarter of its financial year, but trimmed its guidance for the full year.
The Central and Eastern European-focused budget airline said pretax profit in the three months ended December 31 more than doubled to EUR33.1 million from EUR16.2 million the year before, as revenue grew to EUR341.1 million from EUR310.5 million.
Wizz Air said it carried 5.7 million passengers in the quarter, up from 4.7 million the year before, noting that it "remains on track to strengthen its position" in 2017 through continued growth in its core markets and expansion of its network.
However, despite the current year "looking like a very good year" for the company, Wizz Air noted that lower fuel prices continue to feed through to lower airfares, a "downward trend that looks likely to continue well into 2017".
In addition, the airline said its winter operations have been disrupted by "unusually severe" weather conditions, leading it to believe it "prudent" to trim its guidance for full-year net profit to a range of EUR225 million to EUR235 million.
Prior guidance had been a range of EUR245 million to EUR255 million.
Net profit in the third quarter was a record EUR32.5 million, which was more than double that achieved a year earlier.
By Karolina Kaminska; [email protected]; @KarolinaAllNews
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