- Reported revenue up 123.2% to €911.7m
- The number of passengers carried increased 59.1% to 12.4m
- Company anticipates an overall net loss in FY23
Wizz Air reported narrow losses in its Q3 results on Thursday after average fares increased and bookings had risen.
The budget airline reported revenue had increased 123.2% to €911.7m, whilst passengers carried jumped 59.1% to 12.4 million. As a result, the group’s operating loss for the period fell to €155.5m, down 27.2% from an operating loss of €213.6m in the prior year.
The company does expect to post an overall net loss in FY23, although remains confident that FY24 will be profitable.
Regarding expenses, Wizz Air added that operational adjustments were able to minimise flight disruption costs, whilst the strengthening euro helped reduce overall fuel and maintenance costs. The biggest impact was the revaluation of the US dollar leasing liabilities.
Jozsef Varadi, Wizz Air Chief Executive stated that “More generally, we continue to see evidence of solid fare environment as average fares are trading above 2019 and 2022 levels.”
Varadi also added that as we reach the end of January, booking volumes are “coming in ahead of 2022,” in line with expectations and remaining on track to operate 35% higher capacity versus H2 FY20.