Ryanair Airlines Report Less Than Expected Loss For The Second Quarter

Ryanair Airlines Report Less Than Expected Loss For The Second Quarter

On Monday, Ryanair Airlines, Europe’s Biggest Low-Cost air service provider, reported an after-tax loss of 168.64 million pounds (or 185 million euros) for the first quarter of the current financial year ending on June 30 but the loss was still less than expected forecast of 232 million euros analysed by the company poll of experts. However, the company in a statement said that it would not be possible to comment if the Airline will be back in profits in future or not amid the COVID pandemic.  

The Airline service provider also said that this quarter was the “most challenging in the Ryanair’s 35-year history” when the number of passengers went down by 99% and the revenue was down to 125 million euros or by 95% while the cost was only 85% downwards. 

 The Irish low-cost airline carrier was operating and flying around 40% of its normal schedule during the end of the first financial quarter, up from no flying at all in the starting. Further, the company hopes to fly 60% and 70% of its normal usage in August and September, respectively. 

The shares of the airline carrier have plunged by more than 25% in 2020 touching the 10.91 euro point on Friday. The company’s performance is better than UK’s Easy Jet, whose shares are 59% downward but worse than other carriers like Hungarian budget airline, Wizz, which is 11% down.

Ryanair Airlines also reported adding its first 737 MAX-200 by the end of 2020 and 40 more such MAXs next year from Boeing Co.

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