Wizz Air cuts profit forecast despite record growth
Wizz Air’s traffic rose 20% in the third quarter to 5.7 million, increasing its net profit for the three months to December to €32.5 million, a rise of 108%.
However, the airline has cut its guidance for net profit for the full year from €245 to €255 million to between €225 – €235 million.
Chief executive Jozsef Varadi said: "Although the current financial year is looking like a very good year for Wizz Air and we remain excited about our prospects for the next financial year, lower fuel prices continue to feed through to lower airfares, and this downward trend looks likely to continue well into 2017.
"Also, our operations this winter have been disrupted by unusually severe weather conditions in CEE. As a result, management believes it is prudent to trim the company’s guidance for net profit for the full year."
The Company estimates the negative impact relating to operational disruptions at €5 million, an adverse macro effect of €5 million, and weaker than expected fare environment of €10 million in the fourth quarter of the current financial year.
Wizz Air started operating 26 new routes in Q3 and now offers more than 500 routes to/from 40 countries from 27 bases. It will open its 28th base in Varna in Bulgaria in July this year.
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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