Wizz Air sees 'gradual traffic recovery'

Tourism

Hungarian low-fare carrier Wizz Air on Thursday said it expects traffic to recover gradually this year as national vaccination rollouts continue in its major markets, state news wire MTI reports.

The start of the business year ending March 31, 2022 "continues to be marked by travel restrictions across our region and we expect only a gradual traffic recovery into late summer 2021, following what is expected to be a period of good progress of national vaccination plans across key markets", Wizz Air said in a trading statement.

"In the short term, the company continues to actively adjust capacity to travel conditions with a focus on cash contribution positive flying, and as a result we continue to review aircraft allocation on a market-by-market basis as opportunities arise. In parallel we continue to be focused on our cost base and on our liquidity measures to minimize the cash burn rate of the Company in this period of transitioning out of COVID-19," the airline added.

Wizz Air said it expects a reported net loss of EUR 570 million - 590 mln for the business year ended March 31, 2021. The airline added that it had cash and cash equivalents of EUR 1.615 billion at year-end.

The airline will release results for the business year ended March 31 on June 2.

Wizz Air said it is not in a position at present to provide guidance for the business year ending March 31, 2022 "because of the uncertainties around travel restrictions".

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