Budget airline Ryanair said reported a loss of 185 million euro (£168 million) in the last three months, blaming the “most challenging” quarter in its 35-year history
The Irish-owned airline grounded its aircraft as Covid-19 wreaked havoc on timetables with travel bans and lockdowns introduced worldwide.
Ryanair said that a second wave of the disease was now its “biggest fear”.
Restrictions saw the company carry 500,000 passengers in the first quarter compared with 41.9 million in the same period last year, while revenue collapsed from 2.3 billion euro (£2.1 billion) to 125 million (£113 million).
The company said: “The past quarter was the most challenging in Ryanair’s 35-year history.
“Covid-19 grounded the group’s fleet for almost four months (from mid-March to end June) as EU governments imposed flight or travel bans and widespread population lockdowns.
“During this time, group airlines repatriated customers and operated rescue flights for different EU governments, as well as flying a series of medical emergency/PPE flights across Europe.”
Flights were resumed on July 1, and the company said it aimed to operate around 40% of its normal July schedule, increasing to 60% in August and 70% in September.
Ryanair Holdings plc said it expected air travel to be depressed in Europe for the next two to three years, adding: “This will create opportunities for Ryanair to grow its network, and expand its fleet, to take advantage of lower airport and aircraft cost opportunities that will inevitably arise.”
It added that it could not provide any guidance for profits in this financial year, but added that it expected to carry 60 million passengers this year.
It said: “FY21 will be a very challenging year for the Ryanair Group of airlines.
“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.
“Hopefully EU governments, by implementing effective track and tracing systems, and EU citizens by complying with recommended face masks, rigorous hand hygiene and other measures, will avoid the need for further lockdowns or restrictions on intra-EU flights.
“Covid-19 pandemic and this recovery can only be led by intra-EU air travel which is the engine of EU growth and economic activity.”