Ryanair posts record loss, but sees rebound start

Ryanair posted a record annual loss on Monday (May 17).

Europe's biggest budget airline saw a deficit of $989 million.

That after travel restrictions forced it to scrap over 80% of its flights.

Ryanair flew just 27.5 million passengers over the year to the end of March.

That compares with 149 million the year before.

The airline called the past 12 months the most challenging in its history.

Now Ryanair says it's still impossible to give a formal profit outlook for the coming period.

But it said it "cautiously believed" it could hit breakeven if there was continued progress in tackling the health crisis.

Group Chief Executive Michael O'Leary says there are signs that a recovery has begun.

He says weekly bookings have trebled since early April.

Ryanair is also unhappy with its jet supplier, Boeing.

It has faced long delays getting 737 MAX planes that it ordered.

O'Leary says the U.S. giant has now promised the first one will be delivered in late May.

But he says he does not "necessarily believe" Boeing, after a series of missed deadlines.