By Anthony O. Goriainoff
Ryanair Holdings PLC said on Monday that its net loss for the fourth quarter narrowed as higher revenue beat consensus estimates, and that it expects to return to profitability in fiscal 2023.
The budget airline said that due to the Covid-19 Omicron variant and the war in Ukraine, its pricing for the first quarter of fiscal 2023 continued to need stimulation.
The company said that although there was pent-up demand and that it was optimistic that peak fares in summer 2022 will be higher than in the same period in 2019, it wasn't able to provide profit guidance for the year due to the risk stemming from the pandemic and the war in Ukraine.
Ryanair said that for the year ended March 31 its net loss was 240.8 million euros ($250.7 million) compared with the net loss of EUR1.01 billion the year before. The consensus estimate from a FactSet poll of 11 analysts was for a net loss of EUR356.5 million.
Revenue was EUR4.80 billion, compared with EUR1.64 billion the year before. The revenue consensus for the year was EUR4.9 billion, also taken from FactSet and based on 20 analysts' estimates.
The company said its load factor--a measure of how full a plane is--stood at 82%, compared with 71% the year before.
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