The low-cost airline Ryanair announced on Monday a group net profit of 1,300 million euros in the staggered first half, driven by the recovery of summer traffic, and slightly raised its traffic forecast for the year.
Last year in the first half, the Irish airline recorded a loss of 48 million euros.
It registered 95.1 million passengers during the summer compared to 39.1 million a year earlier, more than before the Covid-19 pandemic, according to a press release. Invoicing multiplied by three in the semester ended at the end of September, up to 6,600 million euros.
traffic log
Ryanair hails “record traffic in the second quarter” of its staggered fiscal year, “strong operational reliability and strong summer fares 14% higher than pre-Covid prices.”
In the single quarter ending at the end of September, the group’s share of net profit under IFRS reached €1.1bn versus a profit of €225m a year earlier.
The airline sector has been one of the hardest hit by the pandemic, which crippled traffic for months and then translated into restrictions on international travel.
“Reservations and rates remain solid for the October holiday period and in anticipation of the Christmas holidays,” says the company, which hopes not to see the Omicron wave scenario again, which had weighed heavily on the Christmas holidays on last year. .
He warns that the war in Ukraine and the risks of variants of the coronavirus could affect performance this winter.
Risk of recession in Europe minimized
The “low cost” company, however, minimizes the impact of the economic slowdown in Europe. “We expect strong growth in the event of a recession because consumers will not stop flying but will become price sensitive,” he comments in his press release.
“We slightly increased our traffic forecast for the 2022/2023 financial year to 168 million passengers compared to 166.5 million, which represents an increase of 13% compared to pre-covid traffic,” he adds.
It also indicates that it plans to restore pre-Covid wages in December for its teams that had agreed to reduce their wages during the pandemic to preserve jobs, but notes that a “minority of unions representing less than 10% of staff pilots and cabins have so far not agreed to the proposed salary agreements.
Source: BFM TV
