June 12, 2020 / 6:28 AM / 2 months ago

Ryanair sees up to 300 mln euro loss in this fiscal year - Expansion

MADRID, June 12 (Reuters) - Ryanair is likely to book a net loss of 200 million euros to 300 million euros ($226 million-$339 million) in the fiscal year ending on March 31 2021, Chief Executive Michael O’Leary told Spanish newspaper Expansion.

The CEO expects the company to swing back to profitability the next fiscal year, he told the newspaper.

“Everything will depend on how people will fly between September and March and that there is no second-wave outbreak,” O’Leary said.

Ryanair has started cutting prices to lure potential tourists on its planes and exit the crisis caused by the coronavirus pandemic and related travel restrictions, he said.

Last month, the company had said its net profit for the year ending on March 2020 was 1 billion euros.

$1 = 0.8846 euros Reporting by Inti Landauro; Editing by Edmund Blair

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