WZZAF - Wizz Air sees strong summer travel demand profits in 2024

Wizz Air ( OTCPK:WZZAF ) is confident in travel demand in coming months despite macroeconomic headwinds hitting Europe.

The airline more than doubled revenue from the prior year, while

indicated that pre-pandemic utilization levels are set to return by mid-year with normalized staffing levels also coming to realization. CEO József Váradi added that airfares in Europe remain stable amid still-robust demand.

“Operational adjustments contributed to a significantly lower flight disruption cost compared to prior quarters. The strengthening Euro currency helped to reduce overall fuel and certain maintenance costs; however, its biggest impact was on revaluation of US dollar leasing liabilities, reversing most of the prior two quarters’ losses and helping to deliver a net profit of €33.5M for the quarter,” he commented.

While the airline still expects a loss for the full year, Varadi anticipates a profitable 2024.

London-listed shares of the Hungarian airline slumped on Thursday, dragging on low-cost competitors Ryanair ( RYAAY ) and easyjet ( OTCQX:ESYJY ) as well.

Read more on December traffic trends for Ryanair .

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