Ryanair’s Annual Losses Decline but With Foggy Prospects

Irish airline Ryanair suffers annual losses of $369 million and looks to return to "reasonable profit"

Rayner revealed a loss of 355 million euros ($369.06 million) due to the Corona virus epidemic during the year ending in March, and stated that it is not possible to accurately predict anything but hope for a return to acceptable profits during the current year.

Irish airline Ryanair, which operates more flights than any other European airline, announced that it plans to increase the number of its flights, carrying 165 million passengers this year, compared to 97 million passengers a year ago, which is considered higher than the figure it recorded, before the coronavirus pandemic of 149 million travelers.

However, Michael O’Leary, CEO of Ryanair, stated that it is not possible and nearly impossible to provide accurate earnings guidance at this time due to the possibility that the risks of war in Ukraine and the Corona virus will continue to affect bookings. Read more [Ryanair Posts Profits For The First Time Since The Epidemic].

He also announced that despite the improvement in reservations in recent weeks, prices in the first quarter still need to increase, knowing that the company is optimistic that the prices of flight reservations in the summer will be somewhat higher than their levels before the Corona epidemic due to the increased demand.

The exceptional loss of 355 million euros for the full year was less than the loss of 1 million euros in the previous financial year, and less than analysts’ expectations of a loss of 370 million euros, and the airline is reported to have achieved a profit of 1 billion euros in the year to March 2020. Read more [Omicron Affects Airlines, Cancels Hundreds of Reservations].

The company’s shares closed at €13.62 per share, down 25% over the past three months due to higher fuel prices and growing concerns about the impact of inflation on European bookings.

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