LONDON (Reuters) - Low cost carrier Wizz Air said it was optimistic for the year ahead and would grow its net profit after delivering solid results on Friday, saying it was well-placed to navigate an environment of higher fuel costs.
Wizz's focus on eastern and central Europe means it is sheltered from some of the intense competition on popular Mediterranean routes to places like Spain, which has dampened the pricing outlook for the likes of easyJet (LON:EZJ) and Ryanair.
And Wizz said it could benefit as rivals withdraw capacity from the market in the face of a higher fuel price.
"We remain very optimistic for the current financial year. Higher fuel prices are supporting a stronger fare environment," Chief Executive Jozsef Varadi said.
"We expect these macro conditions to provide Wizz Air with market share opportunities as weaker carriers withdraw unprofitable capacity."
Wizz Air said it expected net profit in the range of 320-350 million euros in the current financial year, after posting net profit of 292 million euros (£257.7 million) in the 12 months to March 31.