Money

Ryanair posts massive loss as COVID continues to wreak havoc on aviation

Published

3 years ago

July 26, 2021

ticker NEWS

The aviation sector continues to suffer due to the COVID pandemic

Low-cost airline Ryanair stated that it continues to still face a “challenging” environment and that it might finish the fiscal year “somewhere between a small loss and breakeven.”

The Irish airliner reported a 273 million euro loss for the period between April and June as lockdowns meant most flights over the Easter period were canceled.

Together with European nations continuing to be cautious over the easing of travel restrictions, demand in travel has been slow to grow.

The figure beat a forecast from analysts which was compiled by the company

In comparison, the airline posted a 185 million euro loss over the same first-quarter period a year ago.

“Covid-19 continued to wreak havoc on our business,”
Ryanair CEO Michael O’Leary

At the same time, operating costs also increased, deteriorating the company’s balance sheet. Over the year to June, costs rose by 116%, driven mostly by fuel, airport and route charges.

However, Mr. O’Leary expects traffic to pick up in the coming weeks.

“We expect traffic to rise from over 5 million in June to almost 9 million in July, and over 10 million in August, as long as there are no further Covid setbacks in Europe,”

However, the outlook is highly dependent on the pandemic and successful vaccination campaigns.

Ryanair shares are up 42% from a year ago

Shares in the airline traded 2.5% higher in early trade on the back of the results.

“We’re encouraged by the group’s progress, but it may have to toe the precarious line between low fares and high costs for some time.”

Money

China has pledged to “significantly increase” debt to jumpstart its economy

Published

12 hours ago

October 14, 2024

ticker NEWS

Finance Minister Lan Foan announced plans to help local governments tackle debt, support low-income households, and boost the property market.

Investors have been urging such steps as China faces deflationary pressures and a sharp property market downturn.

However, no figure was provided for the stimulus package, leaving markets anxious about the strength and duration of the recovery effort.

Economists warn that this lack of clarity may prolong uncertainty until China’s legislature approves extra debt measures.

Concerns are rising that China may fall short of its 5% growth target, signalling deeper structural challenges ahead.

Leaders

Niche accountants proving essential to e-commerce success

Published

5 days ago

October 9, 2024

ticker NEWS

Expert explores the key benefits of partnering with accountants who specialise in niche industries.

In today’s fast-paced digital world, having an accountant who understands the intricacies of e-commerce can make all the difference in your business’s success.

Specialist accountants understand the specific needs of e-commerce businesses, helping to maximise tax savings, streamline operations, and improve financial health.

Niche accountants can identify opportunities to scale, optimise profit margins, and implement strategies that align with your business goals, ultimately drive growth.

Chris Rivera, Founder of The Ecommerce Accountants, joins to share his key insights into the industry.

#featured

Money

Amazon’s 2024 Prime Day expected to make huge impact on tech sector sales

Published

6 days ago

October 9, 2024

ticker NEWS

Market experts believe Amazon’s upcoming event will drive a surge in sales, benefiting Amazon’s stock and boosting consumer tech companies that sell through its platform.

Experts predict that a short-term rally in retail and tech stocks could be seen as revenue spikes.

Founder/CEO of Unearthing Opportunities, and Board Advisor to Power Hero, Bradley A Gastwirth joins to unpack the latest market moves. #featured #trending