Wizz Air reported an operating profit of €79.9 million in first quarter as compared to loss of €284.5million citing soaring demand for travel and record passenger numbers. Revenue climbed 53% to €1.2bn, while passenger numbers were up by a quarter to 15.3 million.
"We continue to observe positive trading in the second quarter with revenue per available seat kilometres (RASK) trending higher year-on-year on the back of low double digit percentage increased ticket revenue and a higher load factor, compared to the same period last year, expected to build up to 94%,” said Jozsef Varadi, chief executive.
However, he downgraded first-half year revenue per seat kilometre growth to 25% versus previously guided 30% due to continued infrastructure, supply chain limitations facing the industry and engine inspections.
“This 5% (capacity) adjustment aims to address continued infrastructure and supply chain limitations facing the industry," Varadi said in a statement. “Despite the constraints, the airline expects to meet its full-year profit guidance of €350-450 million, and is planning to continue growing its fleet as fast as it can. The Pratt and Whitney inspections would be absorbed in the less busy second half of the year, limiting some of the impact. Luckily this new inspection is not affecting the peak summer performance of the airline which is critical.”
He added it was uncertain whether more engine inspections might be announced soon.
Wizz is planning to expand into Georgia, North Macedonia and Poland and that it was adding ten aircraft to its fleet over the coming weeks and 32 by the end of 2024.