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(Adds details on results, CEO quote)
Nov 13 (Reuters) - Wizz Air Holdings Plc on
Wednesday raised the bottom end of its annual profit forecast,
as the budget airline benefits from a strong first-half while
struggling rivals cut expansion plans.
Wizz, which mainly has flights to central and eastern
Europe, said net profit for the financial year 2020 would be
between 335 million euros to 350 million euros ($369.17 million
to $385.70 million). It had an earlier range of 320 million
euros to 350 million euros.
Net profit for the six months ended Sept. 30 rose 87.1% to
371.5 million euros.
"The more recent supporting market conditions mean we are
seeing our business tracking towards the top end of our current
net profit guidance range, which gives us confidence to tighten
the range," Chief Executive Officer József Váradi said in a
statement.
Wizz Air reported an 17.9% increase in first-half passenger
numbers to 22.1 million, higher load factors, with
excluding-fuel unit costs down 3%.
Fuel unit costs, however, increased 5.3% year-on-year.
Wizz, which competes with Lufthansa's Eurowings
brand at central European airports such as Vienna, is performing
well in a strained industry that is being plagued by weaker
demand, rising fuel costs, competition, strikes, bankruptcies
and the grounding of Boeing's MAX 737 fleet.
British Airways parent IAG has warned that its
full-year profit will be hit by a pilots' strike at the UK
carrier, while Lufthansa is ready to go into
arbitration to resolve a long-running staff dispute.
Ryanair also expects further delays to its MAX 737
deliveries.
In July, Varadi said that Wizz, whose fleet is powered by
Airbus, was increasing its capacity plans.
($1 = 0.9074 euros)
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by
Bernard Orr)
