Wizz Air posts jump in Q2 profit and revenues

(Sharecast News) - Wizz Air posted a jump in second quarter revenues and profits, even as it "refocused" the business and pared its leverage. The Eastern Europe-focused low-cost carrier's total revenues grew by 13.4% over the three months ending on 30 June to reach roughly €1.43bn, whilst operating profit in EBITDA terms improved by 9.3% to €300.2m.

Looking ahead, chief executive officer, Jozsef Varadi, "our management team has demonstrated a high degree of adaptability in recent years when faced by severe challenges, and this year will likely continue to call on that strength as we refocus our business.

"We see this encompassing some significant changes to our operations but with active execution and a strong balance sheet to support this, I am excited by the long-term prospects for the company."

The carrier's load factor however was unchanged 91.1%, although the size of its fleet size increased by 8.3% to 236 aircraft.

Approximately seventeen million passengers were carried by Wizz Air during the period, for a 10.6% improvement on the year earlier quarter.

Net debt was trimmed by 5.1% to reach roughly €4.71bn.

Total cash at period end stood at €1.97bn, a 13.2% improvement.

As of 1142 BST, shares of Wizz Air were trading down by 2.40% at 1,057.0p.