27th Jul 2022 10:22
(Alliance News) - Wizz Air Holdings PLC on Wednesday said it more than quadrupled its revenue in the first quarter of its new financial year, up almost 20% against pre-pandemic levels.
In the three months to June 30, the budget airline reported revenue of EUR808.8 million, up sharply from EUR199.0 million the previous year.
"During the first quarter of F23 we continued to ramp-up Wizz Air as Covid-19 transitioned from a pandemic to an endemic setting. Passengers and revenue more than quadrupled versus the same quarter last year, up almost 20% versus pre-pandemic levels, with 30% more capacity operated," said Chief Executive Jozsef Varadi.
In the first quarter ending June 30, 2019 - the last first quarter result before the pandemic hit - revenue stood at EUR691.2 million.
Wizz Air's loss before interest, tax, depreciation and amortisation widened to EUR154.4 million in the quarter, however. The prior year the group posted a loss of EUR17.8 million.
"Fuel prices for the quarter were double pre-pandemic levels. Lingering restrictions from Covid-19 remained, particularly during April and May, while the war in Ukraine and supply chain disruptions affecting air traffic control, security and ground operation resources have impacted our utilisation. As a result, unit costs for the quarter were around 40% higher versus pre-pandemic, 75% of this increase was driven by commodity inflation," Varadi explained.
Operating costs more than tripled to EUR1.09 billion in the quarter, with unit cost increases driven by significantly higher fuel costs. Fuel unit costs more than doubled to EUR2.62 per available seat kilometre.
Shares in Wizz Air were 7.6% at 2,114.00 pence on Wednesday morning in London.
By Heather Rydings; [email protected]
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