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Ryanair Announces ‘Strong’ Recovery As it Reports €273m Losses

Ryanair Announces ‘Strong’ Recovery As it Reports €273m Losses

Ryanair has reported a net loss of €273 million for the first quarter of 2021 but says that it is experiencing a “strong” recovery following the rollout of the EU Digital Covid Certificates in July.

The carrier says that “Covid-19 continued to wreak havoc on our business during Q1 with most Easter flights cancelled and a slower than expected easing of EU government travel restrictions into May and June.”

Its losses of €273 million in the three months to June 30 are compared to losses of €185 million for the equivalent period in 2020.

Ryanair carried 8.1 million passengers in Q1 at a load factor of 73 per cent – compared to 500,000 in the corresponding period last year.

Total revenue for Q1 was €371 million, up almost 200 per cent on the same period last year.

However, operating costs have risen 116 per cent to €675 million, driven primarily by variable costs such as fuel, airport & handling and route charges.

Ryanair Holdings CEO, Michael O’Leary, said: “Based on current (close-in) bookings, we expect traffic to rise from over 5 million in June to almost 9 million in July, and over 10 million in August, as long as there are no further Covid setbacks in Europe.”

 

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Fionn Davenport is the editor-in-chief of the ITTN group, including ITTN and ITTN Ireland. He's one of Ireland's best-known travel journalists and writers, with nearly 30 years' experience writing guidebooks for Lonely Planet and others.

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