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Wizz Air revenue falls 71.8% in first half
StockMarketWire.com
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Airline Wizz Air's total revenue fell by 71.8% to €471.2m in the first half of the year compared to the same period in 2019, according to its interim results.
Its passenger numbers dropped 70.7% while ticket revenues decreased by 78.9% to €201.8 million due to the Covid-19 lockdown.
Its reported earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 97.1% in the first half, and sustained its investment graded balance sheet with a total cash balance of €1.6bn.
Wizz Air chief executive Jozsef Varadi said the airline 'distinctly outperformed' the industry in the second quarter, carrying 5.8 million passengers at 66% load factor and 72% of its 2019 capacity against an ever-shifting backdrop of travel restrictions across all its markets. He added the airline will continue to 'focus on cost management and strive to maintain cash-positive flying with a disciplined approach towards capacity.'
Story provided by StockMarketWire.com
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