Ryanair Announces €1 Billion Profit for 2020, Will Resume Flights on July 1

By Paul Riegler on 19 May 2020
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Ryanair announced financial results for fiscal 2020 as well as plans to restart flights.

The airline announced a profit of €1 billion ($1.08 billion) for the 2020 fiscal year, which ended March 31.  It cut its annual passenger traffic target by another 20% and warned it is considering pulling out of some airports in Europe.

In addition, the airline said it would return to the skies on July 1, operating 40% of its previous schedule, or around 1,000 flights per day.

The Irish low-cost carrier is offering deeply discounted fares as low as €19.99 ($21.63) to induce travelers to get on a plane.

CEO Michael O’Leary, in a video presentation for investors, said it that any forecasts for fiscal 2021 were guesswork.

“For the next 12 months it’s obviously impossible for us to today to give you any guidance on either traffic numbers or on profits,” he said.

“We have no idea because it is entirely subject to passenger numbers, yields, and the lifting of government restrictions.”

In addition to possibly closing bases that are running at a loss in the United Kingdom, Germany, and Spain, O’Leary said it may close the main base of its subsidiary Lauda in Austria, which is undergoing an “existential crisis” due to the pandemic, he said.

(Photo: Accura Media Group)

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