Budget airline Wizz Air has blamed soaring fuel costs for its operating loss of €183 million (£157m) for the three months to the end of June, despite a 5.5% increase in revenue to €1.5 billion and a 25% increase in passengers to 21.2m.
During the same period last year, it made a €27.5m operating profit.
The airline said its fuel costs for the quarter rose 39% to €610.5m.
At the same time, it had to cancel flights to the Middle East, Israel and Cyprus due to the Iran war.
It has since resumed many of the cancelled flights, but it said it is reallocating flying from longer-haul Middle East routes to shorter European services.
Chief Executive Jozsef Varadi said the industry has been ‘extremely volatile’ due to the conflict in the Middle East, higher fuel price and changes in booking patterns.
“While we continue to see the build-up of forward bookings, the rest of the year is expected to present both industry challenges and strategic opportunities.”
