In the quarter ending 31 December 2020, Wizz Air has reported a 76.5% drop in revenue to €149.9 million and a net loss of €116.4 million. Passenger numbers for the quarter fell by 77.3% to 2.27 million, with a fall in load factor by 29.4 percentage points to 63.1%.
“Wizz Air continued to focus on strengthening its market position and protecting liquidity during the third quarter of F21, where sustained government restrictions severely obstructed air travel,” said József Váradi, Wizz Air chief executive.
Wizz Air had cash of €1.2bn at the end of the quarter. And Váradi said that the focus of the airline remains on optimising its cost structure and cash burn. “Since the period end we have further enhanced our liquidity position with a €500m three-year bond issued on 19 January 2021 on favourable terms and reflecting our investment grade credit rating. Wizz Air is even better positioned to deal with the uncertainties associated with Covid-19 and now with vaccinations being rolled out across our key markets we believe 2021 will be a transition year out of the Covid-19 crisis.”
Wizz Air has not provided financial guidance for the financial year 2021 but stated that it expects capacity levels in view of the restrictions to remain depressed during January, February and part of March 2021. But adds that 2021 will be a year of transition with the “increasing administration of the Covid-19 vaccine” expected to lead to a surge in demand.