LONDON: Irish no-frills airline Ryanair said Monday that it sank into the red in the first half of its financial year due to the coronavirus fallout and warned of more losses to come.
Ryanair suffered a loss after tax of 197 million euros ($229 million) in the six months to September, which contrasted with a year-earlier net profit of 1.15 billion euros, it said in a results statement.
The Dublin-based carrier warned that it "expects to record higher losses" in the second half of the current 2020-21 fiscal year, despite falling costs and a stronger balance sheet.
"Covid-19 grounded the group's entire fleet from mid-March to the end of June as EU governments imposed flight or travel bans and widespread population lockdowns," the airline said.
The Covid-19 pandemic decimated demand for air travel and sparked major economic turmoil which has left global airlines fighting for survival.
Ryanair said traffic nosedived around 80 percent to 17.1 million passengers in the reporting period, compared with 86 million a year earlier.
Revenues tanked 78 percent to 1.2 billion euros, almost all of which were earned in the second quarter following a "successful" return to service at the start of July.
However, the aviation sector is now reeling once more from a deadly second wave of coronavirus, which has sparked renewed travel restrictions, quarantine rules and lockdowns.-AFP
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