Listen Live

Current Weather

Wizz Air forecasts return to profit in current year

SHARE NOW

LONDON (Reuters) – European low-cost airline Wizz Air said it would make a net profit of 350 million to 450 million euros in its current financial year, as strong demand for travel and its expanding fleet put it on track for growth.

That outcome would represent a significant improvement on the 12 months to the end of March when Hungary-headquartered Wizz posted a net loss of 535 million euros ($572.8 million) after it was affected by the war in Ukraine and high fuel costs.

To date the post-pandemic financial performance of the central and eastern European-focused carrier has lagged behind Europe’s biggest airline Ryanair, which has already returned to profit, and easyJet, which is expected to in its current financial year.

Wizz said it was seeing strong bookings and higher fares for summer, in line with rivals which have pointed to consumers prioritising travel despite squeezed incomes due to high inflation and rising interest rates.

“The company’s net profit is expected to be in a range between 350 million euros and 450 million euros in full-year 2024, subject to the absence of adverse exogenous events such as an incremental impact from the war in Ukraine, delivery delays, or similar,” Wizz said in a statement on Thursday.

($1 = 0.9340 euros)

(Reporting by Sarah Young, Editing by Paul Sandle)

Brought to you by www.srnnews.com