Shares of Ryanair Holdings PLC (LON: RYA) rose over 4% despite the fact that passenger numbers fell 80% in the first half of its latest financial year ending September 30
The airline said its revenue crashed by 78% to €1.1 billion to transform last year’s €1.15 billion profit into an after-tax loss of €197 million. Costs were reduced by 67% to €1.35 billion.
The loss has left the budget carrier with €4.5 billion in cash at the end of September. The company expects to fly only 38m passengers over the full year.
“As we look beyond the Covid-19 crisis, and the emergence of effective vaccines in early 2021, the Ryanair Group expects to have a lower cost base, a stronger balance sheet, which will enable it to fund lower fares, and add new lower-cost aircraft to capitalise on the many growth opportunities that will be available in all markets across Europe,” Ryanair said in the statement.
Ryanair share price gained more than 4% to erase about half of the last week’s losses.
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