The airline Ryanair turned a profit in the first quarter of the company's broken financial year.
Ryanair's net profit amounted to 170 million euros, equivalent to approximately 1.8 billion kronor, in the first quarter, the period April to June. This is the first time in three years that the company has reported a profit in the first quarter. The result was above Bloomberg's consensus of 150 million euros. However, according to Dow Jones, which refers to Factset, expectations were for a result of 407 million euros. In the corresponding period last year, Ryanair reported a net loss of 273 million euros.
At the same time, turnover landed at 2.6 billion euros, equivalent to around 27 billion kronor. Expectations were for 2.5 billion euros. In the corresponding period last year, turnover amounted to 0.4 billion euros.
Ryanair is not providing a forecast for the remainder of the financial year ending March 31, 2023, citing, among other things, uncertainties related to the COVID-19 pandemic.
”"While we are hopeful that the high vaccination coverage rate in Europe will allow the airline and tourism sector to recover and leave Covid-19 behind us, we cannot ignore the risk of new Covid-19 variants in autumn 2022," Ryanair CEO Michael O'Leary wrote in a statement.
Source: Dagens Industri
