{"id":25704,"date":"2022-04-04T09:50:00","date_gmt":"2022-04-04T13:50:00","guid":{"rendered":"http:\/\/irishexaminerusa.com\/wp\/?p=25704"},"modified":"2022-04-05T09:56:09","modified_gmt":"2022-04-05T13:56:09","slug":"ryanair-warns-of-at-least-384-million-loss-for-last-year","status":"publish","type":"post","link":"https:\/\/irishexaminerusa.com\/wp\/?p=25704","title":{"rendered":"Ryanair Warns Of At Least $384 Million Loss For Last Year"},"content":{"rendered":"\n
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Ryanair said it will report a net loss of between $384 million and $439 million (PA Images)<\/em><\/figcaption><\/figure>\n\n\n\n

Ryanair has warned it expects to post a loss of at least $384 million (\u20ac350 million) as it narrowed its guidance for the past year.<\/p>\n\n\n\n

It came as the budget airliner said its passenger numbers \u201crecovered strongly\u201d but were still more than a third below pre-pandemic levels.<\/p>\n\n\n\n

The company said it will report a net loss of between $384 million and $439 million (\u20ac350 million and \u20ac400 million) for the year to the end of March.<\/p>\n\n\n\n

Ryanair previously guided the market to a loss of between $274 million and $494 million (\u20ac250 million and \u20ac450 million).<\/p>\n\n\n\n

The airline tumbled to an $894.5 million (\u20ac815 million) loss in the previous financial year due to an 81 per cent plunge in customer traffic due to pandemic restrictions.<\/p>\n\n\n\n

The group told shareholders on Monday that passenger numbers increased to more than 97 million for the year to March, compared with 27.2 million in the year to March 2021.<\/p>\n\n\n\n

However, restrictions in some regions, particularly at the start of the financial year, mean it remains significantly below pre-Covid traffic of 149 million customers.<\/p>\n\n\n\n

The group, which release its full results next month, said it has reduced its net debt from $2.5 billion to $1.65 billion (\u20ac2.3 billion to \u20ac1.5 billion) over the past year as it continues to stabilize its operations.<\/p>\n\n\n\n

Ryanair said it has also increased its hedging to cover 80 per cent of its fuel, amid significant volatility in oil prices sparked by the conflict in Ukraine.<\/p>\n\n\n\n

In a separate update, Ryanair said that it had 11.2 million passengers last month, representing its strongest month since October.<\/p>\n\n\n\n

It comes after a significant slump during the winter months as the spread of Omicron variant of Covid-19 and related restrictions impacted sentiment.<\/p>\n

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