LONDON: Irish no-frills airline Ryanair said on Monday that it sank into the red in the first half of its financial year due to the coronavirus fallout and warned of more losses to come. Ryanair suffered a loss after tax of 197 million euros ($229 million) in the six months to September, which contrasted with a year-earlier net profit of 1.15 billion euros, it said in a results statement. Ryanair said traffic nosedived around 80 percent to 17.1 million passengers in the reporting period, compared with 86 million a year earlier. “Given the current Covid-19 uncertainty, Ryanair cannot provide full-year profit after tax guidance at this time,” it said. Ryanair also slammed EU governments for what it described as a “flood of illegal state aid” to help major airlines struggling in the pandemic crisis.

Source: Manila Times November 02, 2020 16:07 UTC