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Ryanair: stock slumps on announcing Q1 loss

( - The Ryanair share is down 8% in early trading in London, following the Irish low-cost carrier's announcement of a Q1 net loss of 185 million euros, against a profit of 243 million euros a year ago.

The airline has seen its revenues plunge 95% to 125 million euros, reflecting traffic practically wiped out completely (divided by 100 to 0.5 million passengers carried), as a result of the health crisis which has grounded 99% of its fleet.

While it cannot give an earnings target for FY 2020-21, Ryanair says it expects to carry around 60 million passengers over this period, posting a smaller loss in Q2 than in Q1.

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