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Rynair books €815m loss; tentatively eyes breakeven result this year

By BFN News | 07:48 AM | Monday 17 May, 2021

Low-cost carrier Ryanair swing to a full-year loss after the pandemic hammered global travel markets. Net losses for the year through March amounted to €815 million, compared to a year-on-year profit of €1.00 billion. Revenue plunged 81% to €8.49 billion, as passenger volumes also fell 81%, to 148.6 million. Ryanair slashed operating costs 66% to €7.37 billion. The airline continued to tout the strength of its balance sheet, which it again described as one of the best in the industry: It had €3.15 billion cash at 31 March. Looking forward, Ryanair said it was impossible to provide meaningful guidance. However, it stuck to a recent prediction that annual traffic was likely to be towards the lower end of its previously guided range of 80 million to 120 million passengers. Ryanair also said it 'cautiously' believed that its likely outcome for annual profit was 'close to breakeven', assuming a successful vaccine rollout across Europe and easing of restrictions. 'As we look beyond the Covid-19 crisis, and the successful completion of vaccination roll outs, the Ryanair group expects to have a much improved cost base and a very strong balance sheet,' it added. 'We will also benefit from a reduced fleet cost for the next decade as we take more deliveries of our B737 'Gamechanger' aircraft which will materially improve revenues with 4% more seats while substantially reducing unit costs, especially fuel.' 'This will enable the group to fund lower fares and capitalise on the many growth and market share opportunities that are now available across Europe, especially where competitor airlines have substantially cut capacity or failed.' Story provided by

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