Hungary Airlines suffers brutal losses: is the future of its flights in danger?
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According to HVG, Hungary Airlines, often referred to as Hungary’s new flag carrier, made a huge loss last year. However, it still has more than HUF 2 billion (EUR 5 million) in its bank deposits.
Hungary Airlines operates at a loss
Although the press regularly refers to Hungary Airlines as Hungary’s new flag carrier, it is not Hungarian-owned but has a Chinese background. It started in 2021, so it’s not new; however, it does not serve passengers and transports only cargo between Hong Kong and Budapest.
Based on its 2024 financial report, Hungary Airlines increased its income sevenfold. However, it made a HUF 200 million loss. In 2023, the business was profitable with HUF 421,000 (EUR 1,042). They have HUF 2 billion in bank deposits, and the company has a liability balance of HUF 3.6 billion, HVG wrote.
Hungary Airlines operates the state-owned Airbus A330 cargo plane, which Wizz Air operated previously. They have been serving the Hong Kong-Budapest cargo route with that plane since February.