Wizz Air revenue rose by more than 19% during business year

MNB

Hungarian low-fare airline Wizz Airʼs revenue rose 19.1% annually to EUR 2.76 billion in its 2019-2020 business year ended on March 31, state news wire MTI reports, citing an IFRS earnings report released on Wednesday.

Passenger numbers increased by 15.8% year-on-year to 40 million. Ticket revenues increased by 10.4% to EUR 1.5 bln.

Load factor increased by 0.8 percentage points to 93.6%.

Total unit costs per available seat kilometer grew by 1% to EUR 3.44.

Total operating expenses rose 23.5% to EUR 2.42 bln including fuel cost rising by 31.2% to EUR 876 million.

Operating profit was down 5.5% at EUR 338 mln and profit before tax was at EUR 294 mln compared to EUR 129 mln a year before.

Profit for the business year came to EUR 281 mln, up from EUR 123 mln as net financing expenses were significantly lower in 2019-2020 than the year before.

CEO József Váradi said they have taken various initiatives during the COVID-19 pandemic to safeguard the companyʼs cost position and balance sheet of EUR 1.5 bln. It is too early to provide a detailed outlook for FY21 due to the ongoing uncertainty caused by COVID-19, he added.

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