Wizz Air reports net loss of €116 million for third quarter

Published on : Wednesday, February 3, 2021

Wizz Air has reported a net loss of €116 million for the third quarter of 2020 (three months to December 31) as the COVID-19 pandemic took a huge toll on aviation. The low-cost carrier saw profits of €21 million for the same period last year. The airline carried 2.2 million passengers over the period, down from over ten million during the same period of 2019.

Revenue for the third quarter slumped to €150 million, down from €637 million for the same quarter in the prior year. Load factors also fell from 93 per cent to 63 per cent over the period. József Váradi, Chief Executive, Wizz Air said in a statement that the carrier continued to focus on strengthening its market position and protecting liquidity during the third quarter of financial 2021, where sustained government restrictions severely obstructed air travel. He mentioned that at the end of the quarter total cash balance stood at €1.2 billion.

He stated that the company has relentless discipline on cost and cash management whilst maximizing cash returns on the flights it operated. He said that Wizz Air is even better positioned to deal with the uncertainties associated with COVID-19 and now with vaccinations being rolled out across key markets it believe s2021 will be a transition year out of the COVID-19 crisis. He also informed that the initiatives the company is implementing in the business have a very singular focus- enabling the company to emerge from the COVID-19 context as a structural winner and to fully restart operations as soon as travel restrictions reduce, at all times protecting the health of customers and employees.

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