LONDON. Ryanair reported a net loss of € 185 million in the first quarter due to air traffic paralysis as a result of the coronavirus pandemic. The low cost airline, which defines the quarter as “the most difficult” of its 35 years of history, is unable to provide any guidance for 2021 (which closes in March) which “will be a very busy year due to the pandemic”.
For the three months ended June 30, the net loss was € 185.1 million compared to a net profit of € 242.9 million in the prior year period. The airline said it expected a more contained net loss for the second quarter with the gradual return to flights from July 1st. Revenues for the period were 125.2 million compared to 2.31 billion the previous year. The company said cost-cutting measures have been successfully implemented and that it sees opportunities to expand its network while other airlines are reducing capacity. The low-cost airline said it plans to operate at 40% of the normal schedule in July, rising to 60% in August and around 70% in September. It also predicts that traffic for 2021 will drop 60% to 60 million passengers from 149 million.
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