Hungarian budget airline, Wizz Air has revealed quarterly profits nosedived by 87.7% in pre-tax profits to £1.6m in three months to December, down from £12.8m in 2017.

The budget airline has blamed soaring fuel prices as they jumped to £446.9m along with pilot salary increase.

The company confirmed, Wizz Air UK that was set up in 2018 for Brexit contingency, have been granted a route licence to keep flying after the EU withdrawal.

Jozsef Varadi, Wizz Air chief executive said, “Our industry-leading aircraft utilisation, which helps drive our unit costs lower, was negatively impacted by the capacity adjustments in the quarter, but with the recent fall in fuel prices we will be increasing our utilisation levels back to the high levels from the start of full-year 2020.”

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