Minimal expense aircraft Ryanair said Monday that it’s actually facing a “challenging” environment and that it may complete the monetary year “somewhere between a small loss and breakeven” as Covid-19 limitations wait.

The Irish firm detailed a 273 million euro ($322 million) misfortune for the period among April and June, as lockdowns implied most trips over the Easter time frame were dropped and with European countries being mindful over the facilitating of travel restrictions. The figure beat an estimate from analysts which was assembled by the organization.

In examination, the airline posted a 185 million euro misfortune over a similar first-quarter period a year prior.

“Covid-19 continued to wreak havoc on our business,” Ryanair CEO Michael O’Leary said in a proclamation Monday.

Simultaneously, operating costs additionally expanded, deteriorating the organization’s asset report. Over the course of the year to June, costs rose by 116%, driven for the most part by fuel, airport and route charges.

In any case, O’Leary anticipates that traffic should get 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,” he said.

Nonetheless, the viewpoint is exceptionally reliant upon the pandemic and effective vaccination campaigns. As indicated by Our World in Data, in the European Union 46% of the grown-up populace is completely immunized against Covid-19. In the U.K., that number is 54.4%.

Ryanair shares are up 42% from a year prior. They exchanged 2.5% higher in early European arrangements Monday on the rear of the results.

“Ryanair is still at the mercy of the virus and, although a recovery is materializing, the group noted that travel within Europe will be depressed for the foreseeable future,” Laura Hoy, equity analyst at Hargreaves Lansdown, said via email.

“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.”