ADVERTISEMENT

Wizz Air books EUR 116 mln Q3 loss as pandemic hits passenger volume

Transport

Photo by Wizz Air

Hungarian low-fare carrier Wizz Air booked a EUR 116.4 million loss in the third quarter of its business year started April 1 as passenger volume fell sharply because of pandemic restrictions, an earnings report published early Thursday shows, according to a report by state news wire MTI.

Passenger numbers dropped 77.3% year-on-year to 2,268,436 in the three months to the end of December.

Load factor was down 29.4 percentage points at 63.1%.

Revenue declined 76.5% to EUR 149.9 mln.

CEO József Váradi said Wizz Air "continued to focus on strengthening its market position and protecting liquidity" during the period and remains focused "on optimizing our cost structure and cash burn".

Wizz Air's cash balance stood at EUR 1.2 billion at the end of the quarter.

"Wizz Air is even better positioned to deal with the uncertainties associated with COVID-19 and now with vaccinations being rolled out across our key markets we believe 2021 will be a transition year out of the COVID-19 crisis," Váradi said.

"The initiatives we are implementing in our business have a very singular focus: enabling the Company to emerge from the COVID-19 context as a structural winner," he added.

ADVERTISEMENT

Special Effects acquires stake in Spanish event production f... Deals

Special Effects acquires stake in Spanish event production f...

1,680 new coronavirus cases registered in Hungary Figures

1,680 new coronavirus cases registered in Hungary

Gov't earmarks HUF 16 bln to raise vaccination awareness Government

Gov't earmarks HUF 16 bln to raise vaccination awareness

Slovenia, Bahrain to honor Hungarian immunity certificates Tourism

Slovenia, Bahrain to honor Hungarian immunity certificates

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.