Wizz Air swings to profit in Q1 on 25% revenue boost
Wizz Air made a strong start to its financial year, with a combination of firmer fares and the growing number of new-generation aircraft in its fleet, allowing the LCC to turn around its financial figures. The carrier achieved a Q1 net profit for the 2020 financial year—which runs from March 31-June 30—of E72.4m (US$82.3m), reversing a net loss of E29.3m for the same period last year. The year-ago figures were restated to take account of IFRS 16 accountancy standards. The company achieved the result on a 25.4% jump in revenue, which rose to E691.2m compared to E551m a year ago. Passenger numbers for the period rose 20.1% to 10.4m, up from 8.6m. Load factor rose to 93.7%, up from 92.1% last time. "We remain optimistic for the current financial year,” Wizz Air CE József Váradi said. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-07-26/unaligned/wizz-air-swings-to-profit-in-q1-on-25-revenue-boost
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Wizz Air swings to profit in Q1 on 25% revenue boost
Wizz Air made a strong start to its financial year, with a combination of firmer fares and the growing number of new-generation aircraft in its fleet, allowing the LCC to turn around its financial figures. The carrier achieved a Q1 net profit for the 2020 financial year—which runs from March 31-June 30—of E72.4m (US$82.3m), reversing a net loss of E29.3m for the same period last year. The year-ago figures were restated to take account of IFRS 16 accountancy standards. The company achieved the result on a 25.4% jump in revenue, which rose to E691.2m compared to E551m a year ago. Passenger numbers for the period rose 20.1% to 10.4m, up from 8.6m. Load factor rose to 93.7%, up from 92.1% last time. "We remain optimistic for the current financial year,” Wizz Air CE József Váradi said. <br/>
