(Finance) – Wizz Air recorded a operating loss of 285 million euros in the first quarter of the 2022-23 financial year, compared to 109 million euros the previous year.
The increase in the deficit is attributed to the increase in cost of fuel, to the disruptions in airports and to the Covid-19 restrictions still in force in some countries. However, low cost estimates a “significant” operating profit thanks to the progressive improvement in revenues and prices, while the chaos in the airports begins to normalize.
Jozsef Varadi, CEO of Wizz Air, said that during the summer the airline will fly approximately 30% more capacity (Ask) than pre-pandemic levels. Which should help return to operating profit. There liquid assets of the airline however strengthened in the quarter, reaching 1.6 billion euros.