Ryanair dives into first-quarter loss on virus fallout

Virus Second Wave Could Stall Travel Recovery Ryanair WarnsMore

During the same quarterly period past year, Ryanair enjoyed profits of €243m.

The budget airliner also repatriated customers and operated rescue flights for different EU Governments, as well as flying a series of medical emergency/PPE flights across Europe during this time.

As of 1st July, Ryanair is now flying roughly 40% of its regular schedule.

The company said: "This illegal state aid will distort competition and allow unsustainable flag carriers to engage in below cost selling for many years to come".

Ryanair's Customer Service teams safely to the office in June and, with support from Ryanair Labs, they are working through an unprecedented volume of customer emails and other communications related to flight changes and COVID-19 cancellations, while clearing a record backlog of refunds caused by nearly 4 months of EU Government imposed flight cancellations. That is expected to rise to 60 percent in August and 70 percent in September.

Elsewhere, Signature Aviation said like-for-like revenue in its first half was down 31% year-on-year due to the Covid-19 pandemic, although it did remain net cash flow positive in the second quarter. That would represent a collapse of 60 percent. "If we can avoid a second wave of COVID-19 infections and enough people feel sufficiently confident to go on holiday the group may be able to mitigate some losses and start to position itself for a recovery - if not things could get harder from here".

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The six-year-old will now try to make more history with a third win in the Prix de l'Arc de Triomphe at Longchamp in October. She captured the King George VI & Queen Elizabeth Stakes in 2017 and in 2019.

Over the weekend, Britain - a significant market for Ryanair - chose to re-impose a quarantine on flights from Spain, which is experiencing a surge in infections. On Saturday, the British government abruptly imposed a two week quarantine on all passengers arriving from Spain due to the surge.

The carrier meanwhile aims to reach agreements with major trade unions to lower its wage bill and limit the number of job cuts.

"It is impossible to predict how long the Covid-19 pandemic will persist, and a second wave of Covid-19 cases across Europe in late autumn (when the annual flu season commences) is our biggest fear right now".

While not being a UK-registered carrier, Ryanair expects adverse trading conditions to arise and says it has put necessary measures in place to ensure the Group remains majority EU-owned.

Ryanair's four divisions comprise its main Irish operations, Austrian-based Lauda, Polish unit Buzz, and Malta Air.

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