Ryanair (LON: RYA) reported a loss of 197 million euros (£177.8 million) in the first half of 2020.
Budget airlines have 99% of their fleet grounded from mid-March to the end of June.
Since the end of the lockdown, Ryanair has only flew 20% of its passengers compared to last summer.
Revenue fell 78% to 1.18 billion euros as traffic fell 80% to 17.1m. Earnings fell from £1.2 billion to £177.8 million losses.
Looking forward to it, Ryanair warned that there could be a major loss later this year.
In a statement, the group said: Given the current uncertainty of Covid-19, Ryanair is currently unable to provide FY21 PAT guidance. This group expects to carry about. 38m passengers in 2021. However, this guidance could be revised further downward if the EU government misinterprets air travel and places more uncoordinated travel restrictions or lockdown this winter. This group expects to record a higher loss at H2 than at H1. ”
Chief Executive Michael O’Leary told the BBC: “We’ve already stripped most of the schedules in November and December. There’s a really skeleton schedule for services between UK airports and continental European destinations.”
Airlines will cut flights throughout September and October after bookings have decreased.
Ryanair shares (LON: RYA) opened almost 3% lower on Monday morning.
