Wizz Air forecasts return to profit this year

STORY: Wizz Air says it will soar back into profit this year.

The low-cost airline is confident strong bookings and a big investment in its operations will help achieve that.

The Hungary-based carrier forecast a net profit of up to around $482 million for the 12 months to the end of next March.

It's a big improvement on the $573 million loss it reported Thursday (June 8).

Wizz warned its profit-making depended on there being no major new negative events like the Ukraine war.

Russia's invasion hurt Wizz's performance last year as it was forced to suspend operations in the country.

A lack of fuel hedging and airport issues also dragged.

Many airlines were forced to cancel flights last summer.

That as a faster-than-expected rebound in air travel and labour shortages caused chaos at airports.

Wizz said it was better prepared for this summer - the time of year when European airlines make most of their profits.

Like other low-budget rivals, Wizz sees strong bookings and higher fares this summer.

Company shares gained around 3% after Thursday's update.