Wizz Air profits plummeted in the third quarter of 2018, as rising fuel and staff costs impacted earnings.
The Hungarian airline reported a pre-tax profit €1.8 million, compared to €14.6 million a year before.
Despite the fall in revenues, passenger numbers were up 15% to 8.1 million.
Across the period, Wizz Air flying hours fell 6.6% to 11.3 hours per day.
However, the company attributed rising costs to the slowdown in revenues. Cost per available seat kilometre increased by 9.3%, including fuel, whilst it climbed 4.3% without.
Alongside higher fuel prices, there was also a 22% rise in staff-related costs, with rises in pilot salaries during the quarter.
József Váradi, Wizz Air Chief Executive, commented:
“The Company maintains its net profit guidance range of between €270m and €300m for the full year, where we will be within this range will depend on the extent of March yield pressures which will be affected year-on-year given Easter falls after the financial year-end in April and external factors such as Brexit uncertainty.”
Wizz Air is not the only airline that has been struggling as of late.
On Tuesday, Norwegian Airlines announced a share rights issue as it looks to raise £270 million, after talks with IAG over a potential takeover fell through.
Earlier this month, EasyJet (LON:EZJ) revealed that the Gatwick drone chaos cost the low-cost airline £15 million.
Ryanair (LON:RYA) also issued a profit warning, blaming lower-than-expected air fares.
Shares in Wizz Air (LON:WIZZ) are currently down 2.69% as of 10:56AM (GMT).