The net loss of Ireland’s Ryanair Holdings Plc, Europe’s largest discount airline, narrowed 65%, or 2.8 times, to 355 million euros in the fiscal year ended March 31, compared with a loss of 1.01 billion euros in the same period a year earlier.

The consensus forecast of analysts polled by FactSet called for a figure of €356.5 million.

Pretax loss for the period amounted to €560.3 million, compared with a loss of €1.1 billion a year earlier.

Revenue rose to €4.8 billion from €1.64 billion. Analysts on average had expected a figure of €4.9 billion.

Aircraft utilization rate in the past fiscal year amounted to 82% against 71% a year earlier. The air carrier expects this indicator to rise to 90% in 2023.

Ryanair, however, warned that the business recovery process is still subject to risks due to the spread of the Omicron coronavirus strain and the conflict in Ukraine, which negatively affected bookings during the Christmas and Easter holidays. The airline also added that prices in the first quarter of the current fiscal year need additional subsidies to make them more attractive to customers.

The company did not provide a forecast for the current fiscal year, citing uncertainty due to events in Ukraine and coronavirus outbreaks. However, Ryanair expects the situation to become clearer in the second quarter.

Ryanair shares are getting cheaper in trading in Dublin. The company’s capitalization has fallen 20% over the past 12 months to 15.46 billion euros.