Ryanair warns coronavirus will push it to E200m quarterly loss

Ryanair warned it would make a E200m loss in Q1 as the low-cost carrier expected the number of passengers flying this year would be about half of its original target due to coronavirus. The Dublin-based airline said on Monday that it expected to carry 80m passengers during its current fiscal year, which started in April, down from its original goal of 154m passengers. But its shares jumped by almost 10% in a rising market as the airline set out plans to resume flights in July and said it was well-positioned to cut ticket prices over the next two years in an attempt to boost demand during the recovery it anticipates after the pandemic. Ryanair predicted a “smaller loss” in Q2 than in the first — or possibly to break even — but still expected to contend with coronavirus restrictions that have grounded most of its fleet.  The airline said it would carry “no more than 50 per cent of its original” quarterly traffic target of 44.6m in the July-September period. “While we’re looking at a reasonable return to traffic volumes, we think it will be on the back of much lower air fares and yield. We’re really flying blind at the moment,” said CE Michael O’Leary. O’Leary said the company did not have “a bull’s notion” what 2021’s profit or loss would look like. While he expected a return to traffic volume “normality” in summer next year, he said it could be summer 2022 before fares returned to typical levels.<br/>