Wizz Air shows 16% profit boost prior to coronavirus

Express and Star has reported Wizz Air, a Hungarian budget airline, announced a 16% increase in profits to EUR 345m for the past year, prior to COVID-19, the news source said.

The company warned that it could not provide trading guidance for the current period due to uncertainty caused by coronavirus.

Wizz Air carried 40 million passengers during the year, representing a 15.8% increase against the previous year.

However, Wizz Air said it had felt the impact of coronavirus from March and therefore reduced its staff numbers by 19% in response to travel restrictions and flight cancellations.

The company said it also put cost mitigation measures in place quickly, which involved significant spending reductions and low capital expenditure.

Wizz Air announced the launch of six new routes serving Luton Airport to fly customers to Portugal in June and Greece in July.

Wizz Air´s chief executive officer, said its market position and disciplined attitude to costs mean it will emerge from this crisis as an even more formidable business.