Wizz Air reports record third-quarter traffic but posts operating loss
Published: 07:37 25 Jan 2024 GMT
Wizz Air Holdings PLC (AIM:WIZZ) reported record traffic in the third quarter as it saw revenue grow.
The budget airline operator said revenue rose 17% to €1.06 billion in the quarter ending 31 December from £911.7 million last year, while underlying profit (EBITDA) totalled €18.7 million compared to an EBITDA loss of €2.8 million before.
But the firm's swung to an operating loss of €105.4 million compared to a profit of €33.5 million last time.
The firm carried a record 15.1 million passengers in the quarter compared to 12.4 million last year while the load factor improved to 87.6 from 87.3.
Chief executive József Váradi said the company is working hard “ahead of the anticipated grounding of aircraft in Q4 as GTF engines are removed for mandatory inspections”.
“We continue to actively manage the GTF engine issues to minimise the impact on our operations,” he said.
Váradi added that trading at the start of the fourth quarter “has been positive”.
“Selling load factors are trending at similar levels to last year, while unit revenues are up year-on-year, specifically during March and around Easter holidays,” he added.
