The Strategist

Ryanair ends the year with a record loss of €815m


05/18/2021 - 03:45



Irish airline Ryanair, Europe's largest low-cost carrier, ended the financial year with a net loss of €815 million, its worst result in its 35-year history, the company said in a report.



pixabay
pixabay
The COVID-19 pandemic and border closures for most of 2020 made the airline's passenger traffic fall from 149 million to 27.5 million and aircraft utilisation plummet from 95% to 71%. 

"A partial recovery (in passenger traffic) was seen in the summer of 2020 when the coronavirus restrictions began to be lifted, but the subsequent fall due to the second wave of COVID-19 in Europe and the spring third wave led to incredible disruption and uncertainty for both our customers and employees, who were affected by ever-changing country government directives and travel bans and restrictions," the report said.

As a result, revenues fell 81% from €8.5bn to €1.6bn and the company said it could not predict the outcome of the next fiscal year as the COVID-19 pandemic persisted and governments were in no hurry to lift restrictions. 

Therefore, the low-cost carrier hopes to break even in the next 12 months under the best-case scenario.

source: reuters.com




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