Ryanair reports sharp losses for first quarter | News
Ryanair has reported a loss of €185 million for the first financial quarter of the year.
The figure compares to a net profit of €243 million for the same period of 2019.
The low-cost carrier said over 99 per cent of the fleet grounded has been grounded from mid-March until the end June, in response to the Covid-19 outbreak.
As a result, quarter one traffic fell from 42 million to 0.5 million passengers.
“The past quarter was the most challenging in Ryanair’s 35-year history,” said a statement this morning.
“Covid-19 grounded the group’s fleet for almost four months as EU governments imposed flight or travel bans and widespread population lockdowns.”
Ryanair returned to commercial flying on July 1st.
The carrier said it expected to operate approximately 40 per cent of its normal July schedule, rising to 60 per cent in August and, potentially, 70 per cent in September.
Speaking to the BBC this morning, Ryanair chief financial officer, Neil Sorahan, said the carrier would continue its flights in and out of Spain as normal.
The move comes despite the UK government’s decision to impose a 14-day quarantine on travellers arriving from the country.
British Airways is still operating flights, but said the move was “throwing thousands of Britons’ travel plans into chaos”.
Budget airline easyJet is also maintaining a full schedule, as is Jet2.
Wizz Air said it would continue to operate flights to Spain “as scheduled for the time being”.
Tour operator TUI, however, said it would suspend trips from the UK to mainland Spain for two weeks.