Central European budget carrier Wizz Air is expecting to turn in a net loss of €570-590 million ($680-700 million) for the full year.
The company puts the underlying loss, for the year to 31 March 2021, at €475-495 million – the difference being a €95 million loss relating to discontinued fuel hedging, the only exceptional item.
Wizz Air says it still has a “strong” liquidity position with total cash and equivalents amounting to more than €1.6 billion at the end of the year.
It puts the fourth-quarter cash-burn at €87 million.
Wizz Air is not giving guidance on the full-year financial performance for 2021-22.
It states that the year has opened with continuing travel restrictions and, although vaccination programmes against the pandemic are progressing well, it expects “only a gradual traffic recovery” into late summer 2021.
“Despite the continued impact of the pandemic, we are well-prepared with one of the strongest balance sheets in the airline industry,” says chief executive Jozsef Varadi.
“Our network expansion and the investments we have made in our fleet over the past 12 months ensure we are well-placed for a return to normal operations.”
Wizz adds that it is continuing to adjust capacity to travel conditions with a “focus on cash contribution-positive flying”, allocating aircraft on a “market-by-market basis”.