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31st January, 2019

Wizz Air profits plummet

Wizz Air yesterday reported profits falling to €1.7 million in the fourth quarter of 2018, an 88% drop from one year earlier, despite a 21% rise in revenue to €513 million.

The launch of a subsidiary in the UK caused a spike in expenses.

In addition, profits were undermined by increases in pilots’ salaries and kerosene prices, driving operating costs up 26%.

The number of passengers grew from 7.1 million one year earlier to 8.1 million.

The number of available seats increased by 12%. The load factor reached 91.4% up from 89.4% a year earlier.

Wizz Air confirmed its earlier profit warning that it will realise a €270-300 million net profit in its fiscal year ending on March 31.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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