Ryanair sees profit dive on virus, oil impact

Philippines News News

Ryanair sees profit dive on virus, oil impact
Philippines Latest News,Philippines Headlines
  • 📰 rapplerdotcom
  • ⏱ Reading Time:
  • 71 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 32%
  • Publisher: 86%

Ryanair's profit including exceptional items sinks 27% to almost 649 million euros ($694 million) in the fiscal year ending March 2020. coronavirus

Ryanair on Monday warned it faced a"difficult" year, with less than 1% of flights operating since the start of April.

Most of the carrier's fleet was grounded from mid-March by European Union government flight bans and restrictions.Ryanair forecast it would face a loss in its current 1st quarter, or 3 months to June. "Given the uncertainty over the impact and duration of the COVID-19 pandemic, coupled with no visibility on what customer behavior and demand will be following a return to service, Ryanair cannot provide 2020-2021 [profit] guidance at this time," it said.

"The group expects to record a loss of over 200 million in the 1st quarter, with a smaller loss expected in the 2nd quarter due to a substantial decline in traffic and pricing from COVID-19 groundings."Since the middle of March, the airline has been operating only 30 flights per day between Britain, Ireland, and the rest of Europe., or 15% of staff, mirroring moves by airlines globally to save cash in the face of collapsing demand.

Britain – a significant market for Ryanair – had revealed last week that international arrivals will soon face aRyanair added on Monday it expected to carry less than 80 million passengers in the current 2020-2021 financial year, almost 50% fewer than originally forecast."As we look beyond the next year, there will be significant opportunities for Ryanair's low-cost growth model as competitors shrink, fail, or are acquired by government-bailed-out carriers.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

rapplerdotcom /  🏆 4. in PH

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SM profits down 5% in Q1 2020 as it waives mall rent over virusSM profits down 5% in Q1 2020 as it waives mall rent over virusSM Prime maintains its 2020 capex at P80 billion despite the coronavirus crisis. COVID19PH
Read more »

Coronavirus was not synthesized in a laboratory—WHO’s chief scientistCoronavirus was not synthesized in a laboratory—WHO’s chief scientistWorld Health Organization, Coronavirus, Italy, China, Philippines, United States, pandemic, virus, COVID-19
Read more »

Ayala group pays P9.86 billion taxes ahead of deadline to aid PH's virus responseAyala group pays P9.86 billion taxes ahead of deadline to aid PH's virus response
Read more »

Joy Belmonte asked: What did you learn from bashers during virus crisis?Joy Belmonte asked: What did you learn from bashers during virus crisis?
Read more »

Asia virus latest: India lockdown extended, China warned of second waveAsia virus latest: India lockdown extended, China warned of second wave
Read more »

First virus death in Nepal -- a new motherFirst virus death in Nepal -- a new mother
Read more »



Render Time: 2025-02-10 19:25:00