Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Wizz Air Posts Wider HY Loss Despite Revenue Spike

Published 11/02/2022, 11:35 AM
Updated 11/02/2022, 11:38 AM
© Reuters.

By Scott Kanowsky 

Investing.com -- Wizz Air Holdings PLC (LON:WIZZ) has reported a widening in half-year losses stemming in part from a surge in fuel costs that offset an uptick in passenger demand.

The Hungary-based airline posted an operating loss for the six months to September 30 of 63.8M euros, deepening a contraction of 51.9M euros in the corresponding period in 2021.

Total operating expenses spiked by 142.2% to just under 2.26B euros, as fuel unit costs increased sharply. This outweighed total revenue, which had more than doubled year-on-year to 2.19B euros thanks to an inflation-driven jump in the value of passenger ticket sales.

The number of customers flying with the Ryanair rival also grew to 26.5M, a 112% leap. Meanwhile, the company's load factor, which measures the amount of seats filled per flight, rose to 86.9%.

In a statement, chief executive officer József Váradi said the business was "well-positioned" to become profitable in the future.

He added that operations had "normalized" following a number of significant issues - including labor shortages and delays at airports - that had plagued Wizz Air and its peers earlier in the year. Meanwhile, seat utilization levels are seen returning to pre-pandemic levels next spring, while moves to hedge against fuel cost increases will also be rolled out in April 2023.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.