RyanairIt reported the first quarter profit it had made since the introduction of COVID-19. However, it stated that it expected to lose up to 200,000,000 euros ($231 Million) annually as it will have to sell winter tickets at a discount to get passengers on its flights.

On Monday, the Irish airline reported a 48 million euro after-tax loss for the six months ending September. It had flown more European flights in this summer than European competitors. Analysts polled by the company predicted a loss in excess of 43 million Euros.

It did not report its after-tax profit in September for its third quarter. However, it reports that the 273m euros it lost in the first quarter suggests that it will make a profit in its second quarter of 225 million euro.

This marks the company’s first quarter profit since October-December 2019, 2019 — before the pandemic.

Europe’s biggest budget airline carried 39.1million passengers during the six-months ended September. This is 54% less than the same time period in 2019.

Ryanair will report a loss in between 100m and 200m euros during the current financial year. This period ends on March 31. Michael O’Leary, Group Chief Executive, said that Ryanair has very limited visibility.

O’Leary who believes the pandemic provides the most growth opportunities over his three-decade-long career has lifted Ryanair’s 5-year growth target of flying 225 million passengers annually by 2026 to 225 million. This is up from the previous 200 million forecast.

Ryanair increased its passenger goal for the financial year ending March 2022 to “just above” 100 million. The airline flew in excess of 149 million passengers last year, just before the pandemic.

According to the airline, it anticipates a return to profitability pre-COVID in the fiscal year ending March 2023.