Share Search
Visit the Share Search
Wizz Air Q1 losses widen but summer recovery expected
28th Jul 2021 07:53
(Sharecast News) - Wizz Air posted a widening of its losses for the first quarter as it continues to be hit by pandemic restrictions, but struck an upbeat note on summer capacity.
In the three months to 30 June, the airline's loss widened to €114m from €108m in the first quarter of last year, while the underlying net loss came in at €118.7m compared to €56.7m.
Revenue increased 119.2% to €199m and the number of passengers rose 317.7% to 2.95m.
Wizz said the first quarter remained challenging as it operated only 33% of its capacity due to Covid restrictions. However, in July and August, it expects to operate around 90% and 100% of its 2019 capacity, respectively. This would make Wizz the first major European airline to fully recover capacity to pre-Covid-19 levels.
Chief executive Jozsef Varadi said: "Through the quarter we did see encouraging recovery patterns in passenger air travel. People began returning to flying despite mobility restrictions still impacting travel.
"We have now entered a busy part of the summer, ramping up our operations to meet increased demand whilst maintaining operational flexibility to deal with evolving travel restrictions as a result of Covid-19 developments, particularly with respect to new variants."
In the three months to 30 June, the airline's loss widened to €114m from €108m in the first quarter of last year, while the underlying net loss came in at €118.7m compared to €56.7m.
Revenue increased 119.2% to €199m and the number of passengers rose 317.7% to 2.95m.
Wizz said the first quarter remained challenging as it operated only 33% of its capacity due to Covid restrictions. However, in July and August, it expects to operate around 90% and 100% of its 2019 capacity, respectively. This would make Wizz the first major European airline to fully recover capacity to pre-Covid-19 levels.
Chief executive Jozsef Varadi said: "Through the quarter we did see encouraging recovery patterns in passenger air travel. People began returning to flying despite mobility restrictions still impacting travel.
"We have now entered a busy part of the summer, ramping up our operations to meet increased demand whilst maintaining operational flexibility to deal with evolving travel restrictions as a result of Covid-19 developments, particularly with respect to new variants."