Ryanair Holdings PLC said on Friday that it expects after-tax profit for fiscal year 2020 to be at the bottom of the forecast range due to the coronavirus pandemic, and that it has not been able to provide guidance for the 2021 fiscal year.
The low-cost airline has declared that for the year ended March 31, it expects pre-exceptional profit after tax of around 950 million euros to 1 billion euros (1.04 billion to $ 1.09 billion).
The airline said traffic in March fell 48% to 5.7 million customers, which means full-year traffic increased 149% to 149 million from the 154 million the airline has said it was on track to reach even as early as early March.
The airline said it expects its fleet to remain largely anchored for at least April and May, and plans to record the ineffectiveness of its fuel hedges for fiscal year 2021 as an exceptional item in its results for fiscal year 2020. The airline said it would represent an extraordinary charge of around 300 million euros.
“The Ryanair airline group will continue to focus on saving money, protecting jobs, working with EU governments to support rescue and medical flights and preparing for return to normal service when Covid-19 crisis will be over, “the company said. .
In January, the airline said it expected after-tax profit for fiscal year 2020 of between 950 million euros and 1.05 billion euros.
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