Irish airline Ryanair sharply reduced its net loss in fiscal year 2021/22, and is expected to return to profit in the current fiscal year, thanks to the lifting of traffic restrictions and the resumption of traffic.

The company reported a net loss of 355 million euros (370.5 million francs) for the fiscal year ended March, up from 1 billion euros in the previous fiscal year, the company said in a statement on Monday.

Turnover nearly tripled to 8 4.8 billion, with a sharp increase in passenger numbers.

After carrying 27.5 million passengers on its routes in 2020/21, Ryanair carried approximately 97 million passengers in 2021/22, the peak of the Kovid-19 pandemic, which is still well below the 149 million before the pandemic.

For the fiscal year 2022/2023, Ryanair expects to carry 165 million passengers.

The ‘low cost’ carrier points out that the detrimental effect of the omiciron variant and the Russian occupation of Ukraine in February led to lower prices.

However, given the growing demand, it is reasonably optimistic that this summer’s fare will be “slightly higher than the summer of 2019” before the Pandemic.

Amid rising oil and fuel prices, the company says it has covered 80% of its kerosene purchases starting this year, but failing to provide 20% protection will ‘increase unplanned spending’.

According to Ryan Air, debt was reduced from 2. 2.3 billion to 1. 1.45 billion last fiscal year.

‘Despite the limited visibility in the first half and almost no visibility in the second half, 20% of the fuel was not found, and the significant risks posed by the occupation of Ukraine and Kovid are expected to return to reasonable profits in our financial year. 2023. However, this recovery remains weak, ”Ryaner commented.

Given these uncertainties, the company does not make any quantitative forecasts of results.

/ ATS