Wizz boosts profits, clashes with Ryanair

Low fuel costs push profits at Wizz to record levels
Low fuel costs and bigger volumes have boosted profits at Wizz Air to record levels. And the low-cost airline is forecasting further profit rises in 2017, despite intensifying competition.
The UK-listed Hungarian airline reported net profit for the year ending March at €224 million, up 53% from the previous year and ahead of an earlier forecast.
It carried 20 million passengers, up 21%, while revenue jumped 16% to €1.43 billion.
Jozsef Varadi, founder and chief executive, said the company would do “whatever it takes” to remain competitive on pricing as it goes head to head on many routes with low-cost giant Ryanair.
Ryanair carried more than 100 million passengers over the last year and is planning to base nine more aircraft in central and eastern Europe this year.


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