Wizz Air set for another big loss after tough year
Wizz Air braced for another major loss after a year of rising fuel costs and supply chain disruptions
Wizz Air is bracing for another major loss after a year of rising fuel costs and supply chain disruptions.
Analysts expect the low-cost airline to post a loss of around £467m, though this is lower than its £552m shortfall in 2021.
It will return to profit next year, but was hit last summer by rising jet fuel prices that offset a rise in sales as families rushed to take their first vacation after pandemic restrictions were lifted.
Turbulence: Analysts expect the budget airline to post a loss of around £467 million
Analysts also said a “flightmare” of passenger delays, mass cancellations and price drops will plague airlines and airports in 2022.
Last month it was revealed that Wizz had no less than 881 outstanding judgments from district courts totaling nearly £5 million in refunds owed to disgruntled passengers. It also faces lingering concerns over the treatment of its staff, with a Danish pension fund last year saying it sold its stake in the airline over allegations of “human and labor rights violations”.
Wizz was founded in 2003 by CEO Jozsef Varadi.
The airline has since grown rapidly, spreading from its core Eastern European markets of Poland, Hungary and Romania to the UK, Italy and other parts of Western Europe.