(Bloomberg) -- Ryanair Holdings Plc held back from providing specific full-year earnings guidance, saying that while summer bookings are booming, demand could still be disrupted by a number of factors.
Europe’s biggest discount airline cut its loss for the year through March but said Monday only that it’s targeting “reasonable profitability” this fiscal year, citing Covid-19 and Russia’s invasion of Ukraine as lingering threats to growth.
“Given the continuing risk of adverse news flows on both these topics, it is impractical, if not impossible, to provide a sensible or accurate profit guidance range at this time,” Ryanair said. “While bookings have improved in recent weeks, the booking curve remains much closer-in than was typical pre-Covid.”
Ryanair continues to expect a strong summer as the removal of travel curbs encourages people to fly again. The Dublin-based company said it’s “cautiously optimistic” that peak-season fares will be somewhat ahead of 2019 levels, though it’s still having to use price cuts to stimulate the market this quarter.
Ryanair’s net loss for the fiscal year ended March 31 shrank to 355 million euros ($369 million) from 1.02 billion euros a year earlier as travel restarted with the waning of the pandemic. Analysts had expected a figure of 372 million euros, on average. Revenue almost tripled to 4.8 billion euros.
The Irish carrier reiterated a target of carrying 165 million passengers in the new fiscal year.
Chief Executive Officer Michael O’Leary told Bloomberg News on March 31 that he was targeting at least 1 billion euros in profit.
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