Hungarian airline Wizz Air sank to a €114.5m quarterly loss today, after a second wave of Covid-19 spread across Europe limiting travel and said capacity would be depressed until March. 

Wizz said its revenue fell 76.5% to €149.9m in the three months ended December 31 - its third quarter - on passenger numbers that were down 77% compared to last year. 

Hungary-based Wizz Air, which in recent years has expanded from eastern into western Europe, has a stronger balance sheet than many competitors, putting it in a better position to withstand the crisis 

Chief executive Jozsef Varadi said Wizz had a cash balance of €1.2 billion at the end of the quarter, and it had raised €500m by issuing a bond earlier this month. 

"Wizz Air is even better positioned to deal with the uncertainties associated with Covid-19 and now with vaccinations being rolled out across our key markets we believe 2021 will be a transition year out of the Covid-19 crisis," he said. 

The company said, however, that capacity levels in view of Covid-19 restrictions would continue to be depressed during January, February and part of March, and the uncertainty meant it could not provide guidance for the current financial year.