Ryanair forecasts record annual loss as COVID-19 'wreaks havoc'

Ryanair forecasts record annual loss as COVID-19 'wreaks havoc'

Ryanair said on Monday it may lose close to 1 billion euros ($1.21 billion) in its current financial year, by far its worst ever performance, but Europe’s largest low-cost carrier said the crisis would create significant growth opportunities, Trend reports with reference to Reuters.

The Irish airline said it expects to post a loss of between 850 and 950 million euros in its current financial year, which ends on March 31, around 5 times larger than its previous record annual loss posted in 2009.

“COVID-19 continues to wreak havoc across the industry,” the airline said in a statement. “FY21 will continue to be the most challenging year in Ryanair’s 35 year history.”

COVID-19 restrictions slashed Ryanair passenger numbers by 78% in the last three months of the year, the third quarter of its financial calendar, pushing it to a quarterly loss of 306 million euros.

That compares with a loss of 300 million euro forecast in a company poll of analysts.

Ryanair posted a fall of 82% in revenue in the final three months of 2020, compared with falls of 88% at rival easyJet and 77% at Wizz, which both reported results last week.

Ryanair is widely seen as one of the best-placed airlines in the world to weather the COVID-19 crisis due to its large cash balance and lack of long-haul and business-class.

It said it had cash on hand of 3.5 billion euros at the end of December, compared with 4.5 billion at the end of September.

Its shares closed on Friday at 14.3 euros, down 15% from its pre-COVID peak of 16.9 euros on Jan. 10 last year.

The airline reaffirmed its forecast it would fly between 26 million and 30 million passengers in the year to end-March compared with 149 million in its previous financial year. But it warned there was “more risk towards the lower end of the range.”

Ryanair in December ordered an additional 75 Boeing 737 MAX jets in what was the largest order since the plane was grounded in early 2019 following two fatal crashes. The jet was cleared in January to resume flying in the European Union.

Ryanair said it expects to have taken delivery of at least 24 of the 210 it has on order in time for its peak summer season, down from an earlier forecast of up to 30.

Weekly actual topics in Azerbaijan (April 16-20)
Weekly actual topics in Azerbaijan (April 16-20)
Weekly tenders in the region (April 16-20)
Weekly tenders in the region (April 16-20)
Last week’s laws, orders and decrees in Azerbaijan (April 16-20)
Last week’s laws, orders and decrees in Azerbaijan (April 16-20)
Loading Bars
Latest
Modern approaches in agriculture bring more income to Georgian farmers
Power plant under construction in Iran’s Noshahr County
Kazakh-Chinese company opens tender to buy spares
China launches COVID-19 vaccination certificates for cross-border travel
United Arab Emirates attracts corporate billions to climb tax haven ranking
Turkey, Georgia eye simplification of operations for electricity import and export
Georgia reports 139 new cases of coronavirus for March 9
Azerbaijan discloses number of COVID-19 vaccinated persons in Naftalan city
Turkey raises export of chemicals to Azerbaijan
Iran prepares program to increase potential of cargo transportation via railway
First foreign trip in 15 months, PM Modi to visit Bangladesh on March 26
Turkish Energy Ministry prolongs Shell, Turcas Petrol's licenses for oil, gas exploration
Women deployed aboard Indian Navy warships after almost 25 years
44 companies given FDI approvals for joint production of defence items with foreign companies: Naik
Number of COVID-19 vaccinated people in Azerbaijan continues to grow
Georgia decreases imports of Turkish-made steel
Georgia opens air communication with Turkmenistan
Azerbaijan's export to France lowers in value terms from early 2021
Armenia decides to terminate powers of UNICEF representative in country
Iran's Economic Council approves several plans
Kazakhstan increases imports of UAE-made goods in 2020
Google to support 1 million women entrepreneurs in rural India
FMs of Turkey, Uzbekistan sign co-op program for 2022-2023
Navy, Army and IAF finally agree to procure armed drones from US in $3 bn deal
Turkey shares Jan. 2021 data on cargo movement via Botas port
Azerbaijan ranks first in Georgia’s electricity imports - analyst
Housing prices surge in Kazakhstan
Kazakhstan boosts trade with Afghanistan
Uzbekistan’s export of tomatoes significantly increases
Establish of joint industrial town with Azerbaijan - achievement of Iran's economic development
Kazakhstan's KazTransOil reports increase in net profit for 2020
Uzbekistan, Iran talk prospects for dev’t of trade, economic relations
Uzbekistan increases flights to Kazakhstan
Ceyhan terminal transships over 38 million tons of ACG oil since early 2021
SHELL & TURCAS PETROL A.S. reduces petroleum products’ sales in Turkey
Azerbaijani oil prices up
Azerbaijan IT company eyes co-op with banking sector
Gold price in Azerbaijan decreases
Turkmennebit opens tender for purchase of spare parts
Turkey releases 2M2021 data on cargo, passenger traffic at new Istanbul Airport
Kazakhstan's Air Astana opens tender to buy batteries
Pellet plant put into operation in Iran's Yazd Province
BP PETROLLERİ A.S. boosts jet fuel exports
Khazar Consortium opens tender for batteries purchase
Switzerland nearly doubles imports of Azerbaijani products
U.N. envoy in Doha to push on Afghan peace process
IsDB, IRTI, and ADB Co-host GVC Side-event at 52nd Session of UN Statistical Commission
Latvia eyes intensification mutually beneficial co-op with Uzbekistan
Iran's Bank Refah Kargaran unveils amount of issued loans
Azerbaijan shows footage from Fuzuli's Gorazilly village (VIDEO)
Consuls General of Azerbaijan and Turkey meet Pakistani American community leaders (PHOTO)
Uzbekistan reveals its COVID-19 data for March 9
Big investments made in Iran's industrial sector
Iranian currency rates for March 9
Azerbaijani currency rates for March 9
Iran to provide water for more villages in seven of its provinces
Iran's Securities and Exchange Organization calls to solve cryptocurrency issue
Oil prices rise on expected economic recovery, likely drawdown in oil stocks
Iran bans travels to some cities due to COVID-19
WHO supportive of electronic vaccination certificates — department chief
Italy's coronavirus deaths top grim milestone of 100,000
Estonia introduces strict one-month quarantine from March 11
EFSE sets to deepen engagement with Georgian financial institutions
Israel reports 3,130 new COVID-19 cases, 804,591 in total
WHO calls for strengthening women's leadership during COVID-19
Number of new COVID-19 cases in Spain continues to fall
PayPal buys Israeli cyber security company
France reports 359 new COVID-19 deaths, ICU admissions hit new high
EU to receive 100 mln vaccine doses per month from April: von der Leyen
Canada set to mourn COVID-19 victims, salute health workers on March 11
UK PM says higher risk of virus transmission "inevitable" as schools reopen in England
Finnish researchers develop nasal spray COVID-19 vaccine
Germany starts easing COVID-19 lockdown
Conversations ongoing on potential projects between Turkmenistan, UK
Exports to Iraq via Mehran crossing top $460m
Turkey passes 10 million mark in COVID-19 vaccinations
Georgian parliamentary committees to hear report on HPP construction
Official representative of Presidential Administration of Azerbaijan thanks Israel for medical assistance - Israel HaYom
UN chief urges countries to adopt special measures, quotas to advance women's equal participation
UK records another 4,712 coronavirus cases
Supreme Court rejects final Trump election challenge
India may start full operations at Chabahar port by May end
Iran profits from gas transmission development
Georgia 1st among best destinations for vaccinated travellers in 2021
Erdogan, Johnson discuss bilateral developments over phone
Electricity consumption in February amounted to 1.6 bln kWh in Kyrgyzstan
US coronavirus cases exceed 29 mln
Yellen says Biden COVID bill to fuel 'very strong' U.S. recovery
Iran's budget deficit decreases
Iran's Energy Exchange announces products to be on sale on March 9
Africa's confirmed COVID-19 cases pass 3.96 mln: Africa CDC
Syria's President Bashar al-Assad tests positive for Covid-19
Employment in Iran's industrial sector increases
Bulk of Jan.2021 loans to electric energy sector in Azerbaijan issued in foreign currency
Azerbaijan confirms 71 more COVID-19 recoveries
Loading-unloading of cargo in ports of Iran's Gilan Province expands
Iran's power consumption reduced by Omid plan
Iran to inaugurate more projects in free economic zones
Iran has developed steel supply chain - Iranian President
Iran's Securities and Exchanges Organization talks number of investors in capital market
All news