Ryanair Holdings PLC RYA, -1.51% RYAAY, +1.70% said on Monday that it is expecting to narrow its net loss for fiscal 2022, and that it was increasing its fuel hedging for fiscal 2023.
The Irish low-cost carrier said that for the year ended March 31 it now expected to report a pre-exceptional net loss in the 350 million to 400 million euros ($386.6 million to $441.8 million) range. The company had previously guided for a loss in the EUR250 million to EUR450 million range.
The budget airline said that it was 80% fuel hedged for fiscal 2023, and that almost 10% of its fuel requirements for the first half of fiscal 2024 were also hedged at $760 per metric ton.
Fuel hedging refers to the practice of purchasing fuel at a certain date’s price, as well as the use of other tools to hedge against moving oil prices.
The company said that its net debt at March 31 stood at EUR1.5 billion, compared with EUR2.3 billion a year earlier.