• This is the company's first profit in three years since the onset of the pandemic.
• Ryanair claims to have carried 45.5 million travelers in these three months, a five-fold increase from the first quarter of last year.

Ryanair DAC, one of Europe's largest budget airliners, has reportedly revealed an after-tax profit of USD 174 million for the first quarter ending June 30th. Despite falling short of pre-COVID-19 profit margins, this is the company's first profit in three years since the onset of the pandemic.

For those unaware, Ryanair is the largest member of the Ryanair Holdings family of airlines, along with Buzz, Lauda Europe, Ryanair UK, and Malta Air.  The Irish ultra-low-cost carrier’s first quarter profits for this fiscal year were compared to two parameters: a USD 160 million that analysts predicted for this year, and another with a profit of USD 247 million earned during the period of April-June in 2019.

The airline stated that it carried 45.5 million travelers in these three months, a five-fold increase from 8.1 million in the first quarter of last year. These solid gains also demonstrate a complete reversal of its USD 278 million loss recorded in the same period in 2021, when widespread curbs employed to contain the spread of Coronavirus, restricted flying and crippled the airline sector.

While the airline and tourism industries remain optimistic that the high percentage of vaccinations in Europe will enable them to bounce back and eventually move past the COVID-19 pandemic, Chief Executive Michael O'Leary said that they cannot overlook the rate of the potential of the newest COVID-19 variants in Autumn 2022.

He also stated that any guidance issued now is subject to abrupt change due to unforeseen developments that may occur. Because these circumstances are beyond anyone's control, the economy's recovery, which appears to be very compelling at the moment, continues to remain fragile.

Source credits:

https://www.nasdaq.com/articles/ryanair-posts-%24174-mln-profit-for-april-june-quarter