Wizz Air Q1 operating loss expands to $290 mln euros, hit by higher costs

Wizz Air Q1 operating loss expands to $290 mln euros, hit by higher costs

Budget airline Wizz Air said its first-quarter operating loss had jumped to $290 million (285 million euros) from $110.8 million (109 million euros) the year before, as the group was hit by higher costs.

The airline said it expected to deliver a material operating profit as revenue and pricing momentum continue to improve, and said levels of disruption at airports had started to normalize.

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Wizz Air will deepen cuts to its summer schedule, doubling down on efforts to combat disruption from a staffing squeeze that’s upended Europe’s transport industry.

After announcing a 5 percent reduction in peak-season seating on July 11, Wizz, the region’s third-biggest discount carrier, will extend the cuts to about 10 percent, Chief Executive Officer Jozsef Varadi said in an interview on Wednesday.

“We’ve been going through some real pain in terms of staff shortages at airports and air traffic control,” Varadi said. “We decided to trim capacity further to create more contingency and more of a buffer.”

Wizz, the leading discounter in Eastern Europe, had initially held back from slashing capacity as much as some rivals since the airports from which it operates have generally faced less of