Ryanair reports major losses in first quarter

 Tuesday, July 28, 2020 


Ireland’s budget airline Ryanair recently reported a major loss of €185 million for the first financial quarter of the year as compared to a net profit of €243 million for the same time period of 2019. The carrier informed that over 99% of its fleet has been grounded since mid-March until the end June as a result of the COVID-19 outbreak. In turn, the traffic for quarter one fell from 42 million to 0.5 million passengers.

The airline said in its statement that the past quarter was the most challenging in Ryanair’s 35-year history. It mentioned that the company’s fleet has been grounded due to the coronavirus outbreak for almost four months as EU governments imposed flight or travel bans and widespread population lockdowns. It was only earlier this month that Ryanair returned to commercial flying.

The carrier said it expected to operate approximately 40% of its normal July schedule, rising to 60% August and, potentially, 70% in September. Neil Sorahan, Chief Financial Officer, Ryanair said in a recent press statement that the airline would continue its normal flights in and out of Spain despite the U.K. government’s decision to impose 14-day quarantine on travellers arriving from Spain.

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