Recently, there have been reports of airline problems around the world. For a more comprehensive view, see our article on overall airline problems. More specifically, we have reported on, for example, the bankruptcy protection filing of SAS.
However, Ryanair has turned a profit
Irish low-cost airline Ryanair has posted a profit after tax of €170 million in the period from April to June. This is its first profit in three years, but it fell short of the figures from before the coronavirus pandemic. The company said in a statement today.
In the same period in 2019, profit was €243 million, something the airline is still far short of. However, the company will soon issue an outlook for the full fiscal year ending March 31, 2023, so we’ll know more after that.
The other numbers are also growing significantly
The company carried 45.5 million passengers, up from 8.1 million last year, an increase of 461%.
Revenue rose from €0.37 billion to €2.60 billion, an increase of 602%.
Load Factor also increased from 73% to 92%.
What is the current outlook?
CEO Michael O’Leary gave his current outlook.
“While we remain hopeful that high vaccination rates in Europe will allow the airline and travel industry to fully recover and finally put the coronavirus behind us, we cannot ignore the risk of new variants of covid-19 in the autumn of 2022.”
The outlook, he said, is subject to very rapid change in light of unexpected events beyond the company’s control. The latter is now undergoing a very strong but still fragile recovery.
However, there have been some mild concerns.
“Despite being one of the best-hedged airlines in Europe, high oil prices will lead to increased costs on our 20% unhedged fuel for the remainder of FY23.”