Ryanair Reports Substantial Loss Amid Covid

Ryanair Reports Substantial Loss Amid Covid

Ryanair (OTCMKTS: RYAOF), an Irish low-cost airline, recently experienced a rise in bookings, meanwhile reporting its biggest annual loss in the company’s 35-year existence due to Covid.

The airline reported a full-year net loss of USD989 Million as travel restrictions and lockdowns cut its traffic down by 81%. CEO, Michael O’Leary revealed it has been a “Very difficult year,” but assured that the company is “looking forward with tremendous optimism.”

“In the first week of April, we took just under half a million bookings. Six weeks later, last week, we took 1.5 million bookings. So we are seeing a very strong snap back in bookings; travel beginning to start from June, July, August,” O’Leary said.

“I think if these trends continue we will be looking reasonably optimistic towards a very strong second quarter of traffic recovery.”

The company is hopeful that increasing vaccine doses will aid in the recovery. Ryanair expects to break even in the upcoming year, if all goes well. 

“FY22 (full fiscal year 2022) continues to be challenging, with uncertainty around when and where Covid lockdowns and travel restrictions will be eased,” it said in a release Monday. 

Ryanair anticipates traffic to range between 80 Million and 120 Million passengers in March of 2022.

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