Published on Wednesday, January 29, 2020

Wizz Air upgrades profit forecast

Low-cost carrier Wizz Air has upgraded its annual profit forecast, following a strong third-quarter performance.

The airline now expects full-year profits for the 12 months to the end of March to come in between €350 million and €355 million.

It previously forecast profits of between €335 million and €350 million.

Number of passengers carried increased 23.2% to 10 million.

Third-quarter profits were recorded as €21.4 million, compared to breakeven in the same period last year.

CEO Jozsef Varadi said: "Whilst growing passenger volumes by an industry leading 23% in the third quarter, we have achieved both higher load factors and improved yields. In short, it has been another quarter of significant achievement."

The airline has agreed in principle to establish Wizz Air Abu Dhabi in partnership with Abu Dhabi Developmental Holding Company PJSC (ADDH).

Operations are expected to launch in the second half of 2020, with Wizz Air Abu Dhabi gaining access to markets with potentially five billion customers across Europe and beyond.

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