StockMarketWire.com - Low-cost airline Wizz Air Holdings booked a 14% fall in first-quarter profit after industrial action by traffic controllers sparked dozens of flight cancellations.

Profit for the three months through June fell to €50m, even as revenue rose 18% to €553.4m as the company flew to more destinations in Eastern Europe.

An 'unprecedented number of disruptions' caused mainly by European air traffic control issues, led to a five-fold increase in cancellations to 145 by Wizz Air.

Consequently, passenger delay and compensation costs tripled to €9.1m.

'Wizz Air has once again delivered double-digit growth in passenger numbers and revenues, while also delivering ever higher load factors and net profit of €50m in the first quarter,' chief executive Jozsef Varadi said.

'This was a very solid performance given the absence of high yielding Easter traffic which fell into the end of the last financial year as well as a backdrop of significant challenges caused by European air traffic control issues.'

'With these disruptions likely to continue into autumn and on the back of a continued rise in fuel prices in the first quarter the company took the decision to trim its full year growth target from 20% to 18%.'

'Wizz is well positioned to deliver in 2019 and beyond and we remain confident in our full-year guidance of €310-to-€340 million net profit for the year.'

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