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Ryanair has posted its first quarterly profit since 2019, but sees annual losses from Reuters

© Reuters. File photo: Ryanair’s plane takes off from Manchester Airport on June 21, 2020, as the epidemic of coronavirus disease (COVID-19) continues in Manchester, England.Reuters / Phil Noble / File Photo Global Business Week Ahead

Connor Humphreys

Dublin (Reuters)-Ryanair reported its first quarterly profit before the onset of COVID-19 on Monday, but is selling discounted tickets to fill the plane, with annual forecasts of up to € 200 million (200 million) Downgraded to a loss of $ 31 million). During the winter.

This summer, the Irish airline, which operated more flights than any European rival, made a profit of € 225 million in the three months leading up to September, the second quarter.

This shows the first quarterly profit since October-December 2019, before the pandemic disrupted travel.

However, Europe’s largest low-cost carrier said it expects to lose between € 100 million and € 200 million in the fiscal year ending March 31.

This is better than the € 815 million loss recorded in the previous year, but is a downgrade from the July forecast of “somewhere between a small loss and the break-even point.” The latest forecast does not mention the possibility of a break-even point.

“There is no doubt that the rest of the fiscal year will be tough, and winter will be tough,” Michael O’Reilly, CEO of the group, said in a video presentation.

But keeping prices low and passengers high during the winter “sets us strongly for a very strong recovery” in passenger numbers and ticket prices over the summer of 2022, he said. By next summer, we expect vacancy per plane to drop from about 20% to less than 10%.

He said the airline expects to return to profitability in the year ending March 2023.

Ryanair carried 39.1 million passengers in the six months to September. That’s more than double that of the same period last year, but 54% less than in the first half of the pre-pandemic fiscal year.

Ryanair said it flew about 10 million passengers a month during the winter and “slightly exceeded” 100 million in the year to March. It flew 149 million passengers a year before the pandemic.

O’Leary, who said the pandemic would offer the best growth opportunities in his 30-year career, said in September that Ryanair would fly 225 million passengers a year by 2026.

Ryanair reported an after-tax loss of € 48 million in the six months to September. This includes a loss of € 273 million in the first quarter. An analyst company poll predicted a loss of € 43 million in six months.

($ 1 = 0.8651 euros)

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Ryanair has posted its first quarterly profit since 2019, but sees annual losses from Reuters Ryanair has posted its first quarterly profit since 2019, but sees annual losses from Reuters

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