Ryanair records its first summer losses in decades.

Ryanair Holdings PLC announced on Monday its first losses in decades during its key summer season, warning that it may have to reduce its operational capacity even further this winter, as a second wave of COVID-19 cases leads to further confinements across Europe.

See also: Ryanair further reduces its flights for the winter and announces layoffs.

Europe’s largest low-cost airline said that restrictions imposed by the pandemic reduced passenger numbers by 80 percent in the six months to Sept. 30, a season when it typically makes most of its annual profits, Reuters reported.

However, in the first half of its fiscal year, it recorded a loss of 197 million euros ($230 million), compared to a profit of 1.15 billion for the same period last year.

See also: Ryanair launches new Podcast focused on aviation and business.

The group, whose CEO Michael O’Leary referred in September to the upcoming winter season as a “disaster”, refused to make profit forecasts for the entire financial year ending March 31, but said it expects to record higher losses in the second half.

Ryanair reiterated its plans to transport 38 million passengers in the entire fiscal year, compared to 149 million in the same period last year, and said that the number could fall even further “if EU states continue to mismanage air travel and impose more restrictions on uncoordinated travel.

Information from Conor Humphries; edited by Christopher Cushing; translated by Dario Fernandez at the Gdansk office.

Related Topics