Ryanair losses grow amid the coronavirus crisis
Revenues plunged by 78% to 1.1 billion euros from a previous 5.3 billion euros
Stocks impacted: Ryanair (RYA)
The carrier said that it carried 80% fewer passengers over the first half of its financial year and expects losses to grow as coronavirus savaged demand and grounded planes worldwide. The company reported a 196.5-million-euro loss for the period compared with a 1.15-billion-euro profit in the same period last year. Revenues plunged by 78% to 1.1 billion euros from a previous 5.3 billion euros. The firm warned the situation was likely to worsen. At the same time, Ryanair said that cost reduction measures across the business helped avert a bigger hit to its bottom line. The group has already curbed operations for the current winter season. In particular, the company has cut the number of its winter flights by a third because of COVID-19 air travel restrictions across the EU last month.
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