Ryanair sees profit dive on virus, oil impact

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."This is the case in Britain, with

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