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Wizz Air swings to deep loss as pandemic grounds planes
StockMarketWire.com
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Budget carrier Wizz Air swung to a deep annual loss after the pandemic sent passenger volumes plunging.
Net losses for the year through March amounted to €576.0 million, compared to a year-on-year profit of €281.1 million.
Revenue sank 73% to €739.0 million as passenger volumes tumbled 75% to 10.2 million.
'This was probably one of the most challenging years for the aviation industry, heavily impacted by Covid-19 related regulations,' chief executive Jozsef Varadi said.
'We are cautiously optimistic about the recovery of the business, which has started later than what we would have liked as Covid-19 restrictions have remained in place longer than anticipated.'
Jozsef Varadi said said that for the current financial year, the company expected to post another net loss, unless it saw an accelerated and permanent lifting of restrictions.
Wizz Air expected to fly around 30% of its capacity in the first quarter through June.
For the 2023 financial year, it was forecasting a 'strong trading environment' with a plan to operate at full capacity.
Story provided by StockMarketWire.com
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