A man stands at a Ryanair check-in desk at Josep Tarradellas Barcelona-El Prat airport on Sunday. – REUTERSPIXIreland's Ryanair cut its annual passenger target by a quarter today and warned a second wave of Covid-19 infections could lower that further, sending its shares down 6% despite reporting a smaller than expected loss during its April-June lockdown.
Ryanair posted an after-tax loss of €185 million for the three months to June 30, when it cut 99% of its capacity as Europe locked down in the face of Covid-19. That was its first-ever loss in a quarter, but less than the €232 million forecast in a company poll of analysts. July and August had been boosted by bookings made before the Covid-19 crisis and O'Leary said he would be"much more wary and cautious" about September and October."I wouldn't rule out that we will be taking out more capacity if we think bookings will remain weak in order to preserve cash," he said.
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