Ryanair sinks into first-half loss on coronavirus fallout

Irish no-frills airline Ryanair said Monday that it sank into a net loss in the first half of its financial year, as coronavirus savaged demand and grounded planes worldwide.

Ryanair said it suffered a loss after taxation of 197 million euros ($229 million) in the six months to the end of September, which contrasted with a year-earlier net profit of 1.15 billion euros.

“Covid-19 grounded the group’s entire fleet from mid-March to the end of June as EU governments imposed flight or travel bans and widespread population lockdowns,” the Dublin-based carrier said in a results statement.

Revenue meanwhile tanked by 78 per cent to 1.2 billion euros as traffic nosedived 80 per cent to 17.1 million passengers.