Ryanair expects losses to double as Omicron eats into bookings
Low-cost carrier Ryanair is expecting its losses for the year ending March to double following concerns over the latest Covid variant, Omicron.
The company’s shares on the ISE went down today 1.06 per cent to €15.43.
The airline said its net losses will range between €250m to €450m, compared with €100-€200m that was previously estimated, Reuters reported.
Traffic forecasts for January have also gone down 33 per cent due to the strengthening of curbs, including the travel restrictions introduced by countries like France and Germany for UK travellers.
December projections have gone down to between 9 and 9.5 million passengers, from an initial range of 10 to 11 million.
“These figures are hugely sensitive to any further positive or negative Covid news flow,” Ryanair said.
Easyjet’s announcement comes a few days after the airline stopped trading on the LSE. Initially announced on 19 November, the decision was made over admission fee concerns and post-Brexit ownership rules, City PM reported.