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Ryanair reports deep quarterly loss; downgrades annual passenger forecast
StockMarketWire.com
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Low-cost carrier Ryanair swung to a deep third-quarter loss as the pandemic continued to hammer global travel markets.
Net losses for the three months through December amounted to €306 million, compared to a profit of €88 million year-on-year.
Revenue slumped 82% to €1.91 billion, as customer numbers plunged 78% to 35.9 million.
Ryanair said its balance sheet 'remains one of the strongest in the industry', with a BBB credit rating and €3.5 billion cash at 31 December.
Looking forward, it said it was 'cautiously guiding' for a full-year loss of between €850 million and €950 million, citing uncertainty around travel restrictions and vaccine rollouts.
Full-year traffic was expected at between 26 million and 30 million, down from previously guidance of 'up to 35 million', with more risk to the lower end of the range.
Beyond the pandemic, Ryanair said it expected to have a much lower cost base and a strong balance sheet, allowing it to fund lower fares and add lower cost aircraft.
At 9:33am: (LON:RYA) Ryanair Holdings PLC share price was 0p at 15.11p
Story provided by StockMarketWire.com
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