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(Updates with easyJet details, comments, details)
By Laurence Frost and Sarah Young
LONDON, Jan 28 (Reuters) - Wizz Air vowed to use
the coronavirus crisis to grab business from rivals including
easyJet, as the no-frills airlines both posted sharp
quarterly revenue declines.
As most carriers cut fleets and networks, Hungary-based Wizz
has been adding new bases and aircraft, with some delayed
deliveries, as it presses its competitive advantage amid the
unprecedented global travel slump.
While Wizz is "not immune" to the short-term industry pain,
Chief Executive Jozsef Varadi told Reuters, "the longer it goes,
the better we will emerge" in competitive terms.
Wizz and easyJet posted quarterly numbers just as
travel recovery hopes suffer new setbacks. Despite vaccination
progress, governments are imposing new restrictions to contain
the spread of COVID-19 variants.
Revenue for the quarter ended Dec. 30 fell by 88% to 165
million pounds ($225 million) at easyJet, and by 77% to 149.9
million euros ($182 million) at Wizz, which posted a similar
decline in passenger numbers and a 115 million-euro net loss.
EasyJet shares traded up 0.2%, while Wizz was up 3.4% at
1153 GMT.
"With easyJet there's some lingering concern that if the
summer doesn't happen they have some question-marks over
liquidity," said Davy analyst Stephen Furlong. "Wizz with its
lower-cost model is burning very little (cash)."
Both airlines are reining in costs, with easyJet trimming
its cash burn to 40 million pounds per week, while smaller Wizz
consumed 64.6 million euros monthly during the quarter.
EasyJet has 2.5 billion pounds in liquidity, while Wizz has
1.2 billion euros in cash excluding 500 million from a bond sale
this month - enough to withstand another two years of slump,
Varadi said.
Johan Lundgren, easyJet's CEO, implored governments to set
out clearer timetables to exit lockdowns and ease the
uncertainty weighing on forward bookings.
"The key thing is really that they have a plan (and) let
people know how they're going to unwind these things," he said.
EasyJet has trimmed its fleet and closed bases since the
start of the crisis - while Wizz has added 14 including London
Gatwick, where one plane is stationed.
Varadi, who has lambasted regulators for freezing access to
take-off and landing slots during the pandemic, said Wizz had
approached airlines including bankrupt Norwegian Air
over potential long-haul Gatwick slot trades.
The Wizz CEO also voiced optimism that some level of summer
demand could be salvaged, and said the carrier was ready to
ramp up "sea and sun" flights with as little as three weeks'
notice.
($1 = 0.7320 pounds)
($1 = 0.8256 euros)
(Reporting by Laurence Frost in Paris and Sarah Young in
London;
Additional reporting by Paul Sandle;
Editing by James Davey, Costas Pitas, Jane Merriman, Alexandra
Hudson)
