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Ryanair reports loss of €185m as traffic falls by 99pc

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Ryanair had over €3.9bn cash at June 30

Ryanair had over €3.9bn cash at June 30

REUTERS

Ryanair had over €3.9bn cash at June 30

Ryanair has reported a loss of €185m for the three months to June 30 as passenger numbers fell by 99pc due to Covid-19 travel restrictions.

This compares to a profit after tax of €243m for the same period last year.

Europe’s largest airline carried half a million passengers during the three months, compared to 41.9m people in the corresponding period in 2019, with over 99pc of its fleet grounded from mid-March to the end of June.

Revenue for the quarter was €125m, a fall of almost 95pc on the €2.3bn reported for the same period last year, according to a trading update.

Given the current uncertainty, Ryanair said it is unable to provide a profit after tax guidance for the year.

The airline said a second wave of Covid-19 cases across Europe in late autumn is its "biggest fear right now."

Ryanair had over €3.9bn cash at June 30, as the group moved quickly from mid-March to preserve cash, cut costs, cancel share buybacks and defer all non-essential capital expenditure.

The airline said the past quarter was the “most challenging” in its 35 year history.

From July 1 the group resumed flights across the majority of its route network.

It expects to operate approximately 40pc of its normal July schedule, rising to circa 60pc next month and, it said, “hopefully” 70pc in September.

Elsewhere, it expects over 90pc of customer cash refund requests will be cleared by the end of this month.

Meanwhile, Ryanair expects to take delivery of its first Boeing 737-MAX-200 aircraft before the end of this year.

Online Editors