StockMarketWire.com - Budget carrier Wizz Air swung to a first-quarter loss after the Covid-19 crisis forced it to ground most of its fleet.

Pre-tax losses for the three months through June amounted to €108.0m, compared to a profit of €72.4m on-year, as revenue slumped 87% to €90.8m.

Wizz Air said it had cash at the end of June of €1.59bn.

'Wizz Air maintains strong market and liquidity positions after the first quarter, a period which marks one of the most challenging times in the history of aviation,' chief executive Jozsef Varadi said.

Varadi said that at the end of June, Wizz Air was operating around 70% of its capacity, compared to an average of 11.5% in the first quarter.

'This gives Wizz Air important operational momentum going into the summer season,' he said.








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