By Anthony O. Goriainoff
Wizz Air Holdings PLC (WIZZ.LN) said Friday that its pretax profit for fiscal 2019 rose and that it expects growth to continue into fiscal 2020 supported by a robust summer demand.
The low-cost airline said it expects net profit for fiscal 2020 to be in a range of between EUR320 million and EUR350 million.
Wizz Air said that for the year ended March 31 pretax profit was 300.2 million euros ($334.2 million) compared with EUR287.3 million in 2018, driven by the high economic growth rate across central and eastern Europe.
Revenue for the year rose to EUR2.32 billion, compared with EUR1.94 billion the year before while the number of passengers carried rose 17% to 34.6 million. Ancillary revenue was up 18% to EUR953 million, representing 41% of total revenue, the company said.
Net profit--the company's preferred metric--rose 6% to EUR292 million.
"Higher fuel prices are supporting a stronger fare environment and we expect these macro conditions to provide Wizz Air with market share opportunities as weaker carriers withdraw unprofitable capacity," Chief Executive Jozsef Varadi said.