Wizz Air reports EUR 114 mln Q1 loss
Low-fare Hungarian carrier Wizz Air on Wednesday reported a first-quarter loss of EUR 114.4 million in its business year started April 1, but its CEO said cash flow was positive and flagged a recovery during the summer high season, according to a report by state news wire MTI.
Wizz Air's revenue climbed 119% year-on-year to EUR 199 million as passenger numbers rose 318% to 2,954,213.
Load factor increased 8.1 percentage points to 63.6%.
CEO József Váradi said the first quarter "remained challenging" as Wizz Air operated at 33% of available capacity amid mobility restrictions due to the pandemic, but added that cash flow was positive and the airline's liquidity balance stood at EUR 1.7 billion, including EUR 1.5 bln in free cash.
"In July and August 2021 we expect to operate around 90% and 100% of our 2019 capacity, respectively, making Wizz Air the first major European airline to fully recover capacity to pre-COVID-19 levels," he said.
"While we remain cautious with making predictions for the winter period amid unpredictable government decision making we are absolutely confident in our much improved competitive positions in the short, mid, and long term arising from continuous fleet growth based on new aircraft deliveries, an extended market footprint as well as structural cost advantages arising from fleet up-gauging, improved commercial arrangements with airports and not being trapped in debt burden contrary to the vast majority of the industry," he added.
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