2023-05-22 18:49:46
The Irish airline Ryanair returned to profit during its staggered annual financial year ended at the end of March, posting a positive result of 1.4 billion euros (almost as much in francs), driven by “the strong recovery in traffic”, a she announced on Monday.
Ryanair, which had posted a net loss of 355 million euros a year earlier – but already greatly reduced at the time with the lifting of post-Covid restrictions – explains in a press release that it has also benefited from higher prices, despite operating costs up 75%.
“We have seen a very strong recovery in post-Covid traffic”, and this “is now 13 to 14% higher than our pre-Covid volumes, but profitability is still slightly lower”, summed up the boss. of Ryanair, Michael O’Leary.
A turnover doubled
In its staggered 2022/23 annual financial year, Ryanair saw its revenue more than double, to €10.8 billion, and its traffic increase by 74%, to nearly 170 million passengers. Its prices are up 10% from pre-Covid levels.
Ryanair had returned to profit for its first three quarters, but the company said it remained in the red for the fourth quarter alone (loss of 154 million euros).
The company has repeatedly highlighted the fact that it has laid off fewer workers than its competitors during the pandemic, which has grounded air traffic for months, and that it has instead negotiated pay cuts with trade unions.
Salaries “have been restored 28 months in advance (…) for almost all the crews”, Ryanair said on Monday.
Big order from Boeing
Its competitor Easyjet, penalized last year by staff shortages, has still not managed to get back into the green. “Ryanair’s market share has increased considerably in most EU markets”, especially in Italy, Poland or Ireland, argued Michael O’Leary.
The company intends to implement this summer the largest flight program in its history, with more than 3,000 daily trips, and hopes to increase the number of its passengers by 10% this year, to 185 million.
But Ryanair, which foresees “a modest increase in profits” this year, notes that its result might suffer from a “modest increase” in its costs and “recent delivery delays from Boeing”.
The company, which hopes to carry up to 300 million passengers per year in 2034, however placed a large firm order in early May for 150 medium-haul 737 MAX, Boeing’s flagship aircraft, and put an option for 150 aircraft. additional.
>> Read also: Ryanair orders 300 Boeing 737 MAX 10s for $40 billion
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