StockMarketWire.com - Budget airline Wizz Air reported a 42% rise in first-quarter profit despite higher fuel prices and raised its full-year capacity outlook on the back of the strong quarter and encouraging summer trading.

For the first three months to 30 June 2019, the company reported net profit of €72.4m and posted a 25.4% increase in revenue to €691.2m. Earnings, meanwhile, climbed 21.9% at €187.2m.

The increases came as the company saw the number of passengers carried climb, with numbers up 20.1% to 10.4m in the first quarter.

'We remain optimistic for the current financial year. Higher fuel prices are supporting a stronger fare environment as weaker carriers withdraw unprofitable capacity and, as a consequence, Wizz Air raised its full-year capacity growth rate from 16% to 20%,' said Jozsef Varadi, chief executive.

'Notwithstanding this faster pace of growth, we are confident to reconfirm our full-year guidance of €320 to €350 million net profit for the year,' he added.






Story provided by StockMarketWire.com