Published on : Wednesday, April 15, 2020
Wizz mentioned while releasing its results for the year that additional employee furlough measures have been and will be taken in the short term as necessitated by the travel restrictions due the Covid-19 outbreak.
Currently, the airline is currently operating at three per cent of its planned capacity.
József Váradi, Wizz Air chief executive mentioned that have taken various initiatives to protect the position of the company in a controlled manner during the Covid-19 pandemic and are reviewing the competitiveness and allocation of the assets of the company.
They further want to improve their strategic, cost and cash position in the aftermath of this crisis to ensure they can deliver long-term growth target.
Because of low fare- low cost business model Wizz Air undoubtedly remains best placed for long-term value creation in the European aviation industry as the market leader in the growing central and eastern European market.
Wizz said it expects to report an underlying net profit €350-355 million the year to March 31st – in line with guidance even though there was a sharp downturn.
Next year the the pay of the chief executive and senior leadership of the airline would be cut by 22 per cent and salaries of pilots, cabin crew and office staff will be reduced by 14 per cent on average.
Tags: Wizz Air