{"id":126664,"date":"2022-05-16T18:30:00","date_gmt":"2022-05-16T18:30:00","guid":{"rendered":"https:\/?p=126664"},"modified":"2022-05-17T00:11:18","modified_gmt":"2022-05-17T00:11:18","slug":"ryanair-reduces-its-annual-loss-to-355-million-euros","status":"publish","type":"post","link":"https:\/\/aviacionaldia.com\/en\/2022\/05\/ryanair-reduces-its-annual-loss-to-355-million-euros.html","title":{"rendered":"Ryanair reduces its annual loss to 355 million euros"},"content":{"rendered":"\n

Irish low-cost airline Ryanair <\/strong>announced Monday that it sharply reduced its annual net losses in the 2021-22 period, thanks to the recovery of the airline industry with the lifting of restrictions by Covid-19.<\/p>\n\n\n\n

Net losses for the 12 months ended March reached \u20ac355 million ($369 million) compared with a \u20ac1 billion loss in the 2020-21 period.<\/p>\n\n\n\n

\u2192 Ryanair celebrates 20 years of investment and growth in Spain.<\/a><\/strong><\/em><\/p>\n\n\n\n

Its turnover nearly tripled to 4.8 billion euros thanks to a sharp increase in passenger numbers, AFP reported.<\/p>\n\n\n\n

“This recovery, however, remains fragile” in the wake of the Russian invasion of Ukraine, said the company’s CEO, Michael O’Leary, quoted in a statement.<\/p>\n\n\n\n

“Given the continued risk of adverse news on” Ukraine and covid-19, “it is impractical – if not impossible – to provide a sensible or accurate profit guidance range at this time,” he added.<\/p>\n\n\n\n

Despite anticipating higher costs as a result of higher oil prices, Ryanair expects to “return to reasonable profitability” this financial year.<\/p>\n\n\n\n

\u2192 Ryanair increases connectivity between Spain and Morocco.<\/a><\/em><\/strong><\/p>\n\n\n\n

It forecasts passenger traffic of 165 million this year, up from 149 million before the pandemic.<\/p>\n\n\n\n

The airline said it remains committed to restoring pre-pandemic salaries for all its staff as soon as pre-pandemic profitability levels return.<\/p>\n\n\n\n

In addition to cutting wages, Ryanair cut 3,000 pilot and cabin crew jobs, 15% of the workforce, in the wake of covid-19. It now plans to create about 6,000 jobs under a five-year plan through 2026.<\/p>\n\n\n\n

But as travel resumes, airlines face fierce competition for staff.<\/p>\n\n\n\n

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