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Ryanair Reports First Quarter Loss of €185 Million on 99 Percent Decline in Passenger Traffic

Ryanair Holdings plc reported on Monday a first quarter loss of €185 million on a year-over-year traffic decline of 99 percent, compared to a first quarter profit of €243 million during the first quarter of 2019. The carrier's quarterly traffic fell from 42 million last year to 0.5 million.

Ryanair Boeing 737NG - Courtesy Ryanair

On Monday (July 27, 2020), Ryanair Holdings plc reported a first quarter loss of €185 million compared to a profit of €243 million during Q1 2019. With 99 percent of the carrier’s fleet grounded from mid-March until the end of June, passenger traffic declined 99 percent year-over-year from 43 million guests in 2019 to 0.5 million. Ryanair has successfully implemented cost reduction measures and closed the quarter with over €3.9 billion in cash. Revenue for the first quarter declined 95 percent from €2.3 billion in Q1 2019 to €125 million. The company expects FY21 traffic to fall by around 60 percent compared to FY20 from 149 million to around 60 million and believes demand will remain depressed for two or three years.

Ryanair hopes to receive their first Boeing 737-MAX-200 by the end of the year after the aircraft is approved for return to service by U.S. regulatory authorities. The company remains committed to this “gamechanger” aircraft and hopes to receive 40 of the type by mid-2021 as the aircraft delivers 4 percent more seats, a 16 percent fuel burn reduction and a 40 percent decrease noise footprint. Over the next 5-6 years, Ryanair believes the MAX will help the group grow to around 200 million passengers annually, while reducing the Group’s cost base and environmental footprint.

As of June 30, 2020, The Ryanair Group’s balance sheet remains on of the strongest in the industry with over €3.9 billion in cash on hand. The company also owns 333 unencumbered Boeing 737s with a book value of around €7 billion and holds and investment grade BBB rating from both S&P and Fitch Ratings. This winter the company will complete the sale of seven older 737s as they continue to focus on cash preservation and cash generation and the repayment of maturing debt over the next 24 months.

Source: Ryanair


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