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PANDEMIC PASSENGER VOLUME PLUNGE PUTS WIZZ AIR IN THE RED

 

Hungarian low-cost airline Wizz Air booked a 108 million euro loss in the first quarter of its business year started on April 1, an earnings report posted on the London Stock Exchange, where the company’s shares are listed, shows. Passenger numbers dropped by 93.2% to 707,184, while load factor declined 38.2 percentage points to 55.5%. Revenue dropped by 86.9% to 90.8 million. Ticket revenue decreased by 92.2% to 29.4 million euros and ancillary revenue fell by 80.3% to 61.4 million euros. Wizz Air CEO József Váradi said the airline “maintains strong market and liquidity positions after the first quarter”, noting that it was operating at around 70% of capacity at the end of June, compared to an average 11.5% in the first quarter, and it had a cash balance of around 1.6 billion euros at the end of the quarter.