The Irish low-cost airline Ryanair, hard hit by the pandemic, posted a loss of more than € 1 billion ($ 1.214 billion) in the fiscal year ending March 31, due to air traffic collapse and losses. in the fuel hedging market.
Without taking into account the exceptional elements, including those related to fuel, the loss was 815 million euros (990 million dollars), against a profit of more than 1 billion euros in the previous year. If the exceptional items are included, some 200 million euros linked to poor hedging of fuel positions, the loss rises to more than 1 billion euros.
Ryanair recorded a turnover of 1.64 billion euros, down 81%, said a company statement.
“The year 2020/2021 has been the most difficult in Ryanair’s 35 years of existence. Due to covid-19 traffic collapsed almost overnight, from 149 million passengers to just 27.5 million,” indicated the company.
The group, which cut some 3,000 jobs – equivalent to 15% of its workforce – to reduce costs, highlighted that several European airlines such as Flybe, Level or Germanwings have succumbed to the economic impact of the pandemic.
Ryanair speculates that “intra-European air transport capacity will continue to be significantly lower” in the coming years and that benefits it.
The airline group is confident of a speedy recovery and estimates that the “probable scenario for the full year 2021/2022 is approaching financial equilibrium”.
“We are encouraged by the recent availability of several covid-19 vaccines and we hope that their deployment will facilitate the resumption of intra-European air traffic and tourism this summer,” the statement said.
If, as currently planned, the majority of Europeans will be vaccinated by September, we believe that we can expect a strong recovery … in the second half of the current year, “he added.
Currently, the group expects the number of passengers carried during the year to be “at the lower end of our forecast range of 80-120 million” people. “