November 2, 2021: -Ryanair reported its quarterly profit since before the onset of COVID-19 but said it expected to post an annual loss of up to 200 million euros as it would be forced to discount tickets to fill its planes more than the winter.

The Irish airline, operating more flights this summer than its European rivals, reported an after-tax loss of 48 million euros for the six months to September. A company’s poll of analysts had forecast a loss of 43 million euros.

While it did not break out its after-tax profit for the three months ended September, its second quarter, the 273 million euros loss it reported in the first quarter implies a second-quarter profit of 225 million euros.

That marks its first quarterly profit since October-December, 2019 – before the pandemic disrupted travel.

The budget airline, Europe’s largest, carries 39.1 million passengers in the six months ends September, 54% lesser in the same period of 2019.

Ryanair is expected to turn in a loss of between 100 million and 200 million euros for the financial year, ending on March 31, Group Chief Executive Michael O’Leary said, which adds that there was little visibility.

In September, O’Leary, who has said the pandemic offers the best growth opportunities of his three-decade career, lifted Ryanair’s five-year growth target to fly 225 million passengers a year by 2026, from 200 million previously forecast.

Ryanair nudged its passenger target for its financial year to March 2022to “just over” 100 million. It flew 149 million passengers a year before the pandemic.

The airline reiterated the expectation to return to pre-COVID profitability in the year ending March 2023.