Wizz Air’s Q1 FY2021, financial results revealed a $127 million (€108 million) statutory net loss, exceedingly low in contrast to other airlines’ quarterly financial performances.
At the start of FY2021, the Hungary-based carrier suffered a 92.2% decrease in passenger revenue but managed to compensate by reducing its total operating expenses by 67.1%.
The company’s total cash balance stands at $1.88 billion (€1.6 billion), maintaining strong market and liquidity positions.
Despite the losses, Wizz Air managed to reallocate 22 aircraft to seven new bases and expand three existing ones. Additionally, the company highlighted that it will be launching 200 new routes, including its Abu Dhabi-based subsidiary, Wizz Air Abu Dhabi, which will launch on October 1, 2020. Its fleet grew by two A320neo aircraft and as of June 30, 2020, totaled 123 Airbus A320 family jets.
On top of their operational achievements, Wizz Air launched “a pioneering” Cabin Crew-to-Captain program, allowing its flight attendants to train as pilots. The company’s statement says that the initiative aims at promoting gender equality in the industry.