Modelling A.I. in Economics

Wizz Air Soars Back to Profit

Hungarian low-cost carrier Wizz Air said on Wednesday that it expects to return to profit in the current financial year.

The company said it expects to post a net profit of between €350 million and €450 million in the year to March 31, 2024. This would mark a significant turnaround from the €535 million net loss that Wizz Air reported in the previous financial year.

Wizz Air's forecast is based on a number of factors, including the continued recovery in air travel, the easing of travel restrictions, and the company's strong balance sheet.

The company said it expects to carry 46 million passengers in the current financial year, up from 34 million in the previous year. Wizz Air also said it expects to grow its fleet by 15% to 260 aircraft.

"We are confident that we will return to profit in the current financial year," said Wizz Air CEO Jozsef Varadi. "We have a strong balance sheet, a growing fleet, and a clear strategy to drive growth."

Wizz Air is the largest low-cost airline in Central and Eastern Europe. The company operates a fleet of 240 aircraft and flies to over 150 destinations in 40 countries.

Wizz Air's forecast is a positive sign for the airline industry, which has been struggling in recent years due to the COVID-19 pandemic. The company's return to profit could help to boost confidence in the industry and encourage other airlines to invest and grow.

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