Hungarian operator, Wizz Air Holdings Plc, has announced its third quarter financial results showcasing an increase from FY2022/23.
This article will cover the details surrounding Wizz Air’s Q3 standings comparing back to Q3 FY 2022/2023.
Wizz Air Q3 Standings
For its third quarter in the FY 2023/24, Wizz Air carried a total of 15.1 million passengers, taking their total for the year to 60.3 million. This is coupled with an average load factor of 87.6%, only 0.3% higher than the previous year.
The Hungarian operator had a flight completion rate during the quarter of 99.3%, just 0.1% higher than the previous year. It’s on-time performance increased by 9.9% to 72.2% alongside total fleet utilization going up to 11:35 hours and an operational utilization up to 12:15 hours.
The operator also ended its third quarter with a total cash balance standing at €1.7 billion and a total revenue gain of €1.64 billion, up by 16.8% when compared to the previous years’ revenue of €911.7 million.
With regards to the operator experiencing hiccups with the Pratt & Whitney GTF engines, as of December 31 they had 13 aircraft grounded, this has since increased to 33 aircraft grounded as of January 24. By the end of March, the carrier expects circa 40 aircraft to be grounded.
In terms of the aircraft being grounded, Wizz Air’s MRO induction slots are still as expected with an estimated average shop turn-time standing at 300 calendar days (wing-to-wing) whilst they are also accelerating the deliveries of spare engines.
To help mitigate the groundings, this coming year Wizz Air is expecting to take delivery of 30 Airbus A321neos, they have extended 13 aircraft leases and three dry leases, as well as increasing their aircraft utilization and sector count.
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