By Sarah Young

LONDON (Reuters] – Wizz Air, a Hungary-based airline, warned it that the winter was difficult but said it would not be discouraged by the “exceptional opportunity” it sees next summer after returning to profitability for the July-September quarter.

In line with analyst predictions, Wizz, a budget airline, posted a net profit in September of 57 millions euros ($65.99million). It said that the company was back on the ground as usual after the outbreak of coronavirus in 2019.

Wizz is now believed to have been behind the rejection of an easyJet takeover offer (LON) in September. This places Wizz ahead of many other airlines whose capabilities remain around 60%-80% below 2019 levels.

Jozsef Varradi, the chief executive officer of the firm, said to Reuters Thursday that it would be difficult for him in the next five-months.

Wizz’s Eastern European Heartlands are lower in vaccination than those it expanded to in Western Europe. Plus, like most airlines, they face rising fuel costs. It has not yet secured fuel.

Wizz projected an operating loss in the third quarter of the October-December period. It also warned that the loss could continue into January March, depending on operational conditions.

“This is a lot more cautious than anticipated and will require significant downgrades for this year’s forecasts,” Goodbody analyst Mark Simpson said.

The airline’s shares fell 1.5% during early deals.

Ryanair Europe, Europe’s most important airline, has warned of a possible drop in fuel and fare discounts on Monday.

Varadi pointed out that next summer would see a rebound in the market due to both pent up demand and the anticipated end of restrictions on coroanviruses.

Wizz’s fleet has been expanded to accommodate larger and more efficient planes, as well as new routes.

“I can see that we’ll be extremely well-positioned to benefit from the revamp of market post-COVID,” said he.

($1 = 0.8638 euros)