Ryanair expects to lose nearly €1bn (£880m) in its current financial year but Michael O'Leary has forecast a "dramatic recovery" this summer as the vaccine rollout continues.
Compared with the same quarter in 2019, revenue fell 82 per cent from €1.91 billion to €0.34 billion, and operating costs also fell 63 per cent from €1.81 billion to €0.67 billion.
Ryanair forecast a net loss of between 850 million and 950 million euros in its current year to March despite the vaccines rollout.
The Irish no-frills airline's loss after taxation in the third quarter or three months to December, contrasted sharply with net profit of 88 million euros a year earlier.
"This aircraft, when delivered, will be the most audited, most regulated in aviation history", Ryanair insisted.
The re-opening of Ryanair's Shannon base this summer will be dependent on the roll-out of the Covid-19 vaccine.
"As soon as the COVOID-19 virus recedes - and it will over the coming months as EU Govts accelerate vaccine rollouts - Ryanair and its partner airports will rapidly restore schedules, recover lost traffic, help the nations of Europe to reboot their tourism industry, and create jobs for young people across the cities and beaches of the EU".
It said it had cash on hand of 3.5 billion euros at the end of December, compared with 4.5 billion at the end of September.
The carrier said it expects to have a much lower cost base and a strong balance sheet moving forward.
The airline said that recently-announced Covid lockdowns and travel restrictions across the European Union and United Kingdom would continue to stifle demand in early 2021.
Ryanair's share price was flat at 14.30 euros at 0845 GMT, down 15% from its pre-COVID peak of 16.9 euros on January 10 past year.
Ryanair said it expects its first delivery of Boeing's 737 MAX in March, with at least 24 of the 210 it has on order arriving in time for its peak summer season.
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