Wizz Air Reports EUR 116 Million Loss In Q4

  • 29 Jan 2021 7:30 AM
  • Hungary Around the Clock
Wizz Air Reports EUR 116 Million Loss In Q4
Wizz Air suffered a €116 million net loss in the fourth quarter of 2020, after a €21 million profit one year earlier, the low-cost airline announced on Thursday.

The amount of cash held by the company dropped by 20% to €1.2 billion, which is still considerably high, Portfolio observes.

Revenues dived by 77% to €150 million, while ebitda showed a loss of €41 million, down from a €131 million profit in the same period of 2019.

The load factor or seat occupancy rate shrank from 96% to 63%.

Wizz Air is now aiming to strengthen its market position and maintain its liquidity, as government restrictions continue to hinder travel, CEO József Váradi commented.

The airline issued €500 million of debt in a three-year bond in January, the company’s first bond issue.

Wizz Air has prepared for the post-Covid era by opening 14 new bases and launching new subsidiary Wizz Air Abu Dhabi, Váradi added.

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