The pandemic pulled Ryanair to a billion losses last year

The Irish airline Ryanair fell into a heavy loss in the last business year, when travel restrictions due to the pandemic of the new coronavirus pandemic forced the airlines to cancel more than 80% of flights. However, the company also said that the market is gradually recovering. According to AFP, the largest low-cost airlines in Europe recorded a net loss of 1 billion euros for the 2020/2021 business year, which ended in March. In comparison, in the previous business year, the company achieved a profit of 649 million euros. The adjusted loss amounted to EUR 815 million. On the other hand, the company exceeded the expectations of analysts in this indicator, which expected a loss of up to 834 million euros. Revenues fell by 81% to 1.64 billion euros. The number of transported passengers fell to the same extent. It fell by 81% to 27.5 million. Ryanair said in this connection that 2020/2021 was the "most challenging" year in its 35-year history. At the same time, he reiterated the forecast that the number of passengers this year should move towards the lower limit of the originally set range of 80 million to 120 million passengers. As of the current first quarter, the company expects to carry 5 to 6 million passengers. However, airline chief Michael O'Leary said they were seeing a gradual recovery in the market and weekly bookings were growing rapidly. He also added that if the majority of the population of European countries can be vaccinated by September, the company has a chance for a significant recovery in the second half of the current business year.