Published on : Wednesday, February 3, 2021
Under the present situation, Ryanair predicted a lose up to €950 million in its current financial year as chief executive Michael O’Leary urged the Republic and EU to accelerate Covid-19 vaccinations. The Irish airline group recently made it official that the net losses for the three months ended December 31st, the third quarter of its 2021 financial year, were €306 million, against a profit of €88 million for the same period in 2019.
Ryanair also booked a charge of €15 million for unused fuel hedges during the quarter, bringing total losses to €321 million. The group however expect a net loss of €850 million to €950 million for its 2021 financial year, which ends on March 31st.
Ryanair stated that changing Covid-19 restrictions and lockdowns and vaccination programmes had limited visibility for the final three months of its financial year. Revenue for the three months tumbled 82 per cent to €340 million from €1.91 billion. Passenger numbers were down 78 per cent at 8.1 million from 35.9 million. Other issues such as flight restriction, travel control and bans imposed by the Irish and European governments in days before Christmas cut December traffic alone by 83 per cent to 1.9 million. Mr O’Leary however confirmed to RTÉ Radio’s Morning Ireland that the airline would not ask passengers for proof that they have been vaccinated.