Wizz Air quarterly profit and revenue take off

29th Jul 2015 10:04

(ShareCast News) - Budget airline Wizz Air reported double-digit growth in the first quarter, with a sharp increase in profit and revenue.In the three months to 30 June, the Hungary-based carrier said its underlying net profit rose 14.7% year-on-year to a record €33.9m, while revenue rose 12.7% to €332.5m.The FTSE 250-listed group said the record performance was achieved despite Easter falling one week earlier than in 2014, which is estimated to have cost the airline €5.5m in revenue and profit.The rise in revenue was driven by a 6.7% increase in ticket revenues to €205.9m and by a 3% hike in ancillary revenue per passenger to €26, which helped offset a 4% decline in revenue per available seat kilometre.Wizz Air said its load factor - a crucial gauge in the industry, which measure how full an aircraft is - rose 1.3 percentage points to 88.8%, while total costs declined 3.3% to €3.54 cents per available seat kilometres, driven lower by a 5.6% decline in the cost of fuel unit.The carrier said forward bookings indicate robust demand for the peak summer period and, as a result, underlying net profit for the full year is now expected to be in the range of €175m and €185m."We have continued to grow our network and increase our passenger numbers throughout the period while maintaining an industry leading, ultra-low cost base," said group chief executive József Váradi."Wizz Air is well placed to continue to deliver significant growth and returns for our shareholders."Wizz Air shares were up 2.73% to 1,695.00p at 0920 BST on Wednesday.