![\"\"](\"http:\/\/irishexaminerusa.com\/wp\/wp-content\/uploads\/2020\/05\/EYRxR6vXYAEMAEE.jpg\")
Ryanair has said it expects passenger numbers to almost halve in the current financial year as it warns that it faces a \u201cdifficult\u201d year ahead following the impact of coronavirus.<\/p>\nRyanair has said it expects passenger numbers to almost halve in the current financial year as it warns that it faces a \u201cdifficult\u201d year ahead following the impact of coronavirus.<\/p>\n
It came as the company reported a 13% increase in profits to \u20ac1bn for the year ending March, but expects to deliver significant losses in the current quarter.<\/p>\n
The discount airliner said it saw an increase in passengers for the full year but has so far operated less than 1% of its scheduled flights since the start of April.<\/p>\n
It also told investors that it has sufficient funds to \u201cweather Covid-19 and emerge stronger when the crisis passes\u201d.<\/p>\n
Ryanair is currently in the midst of consultations over base closures, up to 3,000 job cuts \u2013 mainly affecting pilots and cabin crew \u2013 and pay cuts as it looks to keep its costs low in the face of coronavirus.<\/p>\n
The Irish carrier said it nevertheless expects to post a loss of more than \u20ac200m for the quarter to the end of June.<\/p>\n
It said it expects this to be followed a smaller loss in the second quarter amid a \u201csubstantial decline in traffic and pricing\u201d due to the coronavirus groundings.<\/p>\n
It comes after profits jumped in the previous full year, as it reported a 10% increase in revenues to \u20ac8.4bn.<\/p>\n
Ryanair said it expects passenger numbers for the current year to be \u201cless than 80 million\u201d after reducing its target of 100 million given last week, and significantly lower than its original target of 154 million.<\/p>\n
In a statement, Ryanair said: \u201cFull year 2021 will be difficult for the Ryanair Group as its airlines work hard to return to scheduled flying following the Covid-19 crisis.<\/p>\n
\u201cAs we look beyond the next year, there will be significant opportunities for Ryanair\u2019s low cost, growth model as competitors shrink, fail or are acquired by government bailed out carriers.\u201d<\/p>\n