DUBLIN (Reuters), Ryanair reports a loss amounting to 96M Euros ($107 Million) in its final three months 2021. The airline also warns that the company will need to continue discounting fares over the coming months.

This result was close to the consensus of an analyst poll that estimated a loss of 101 millions euros. In the third quarter of 2019, the airline reported a loss of 306 million Euros. It also made a profit in the final three months of 2019 of 88 Million.

Low-cost carrier in Ireland, Europe’s biggest by passenger count, has reiterated its loss forecast for the full year. It is expected to lose between 250 and 450 millions euros.

Michael O’Leary, Chief Executive, stated that although recent bookings are improving, due to the easing travel restrictions, “the booking curve is very late and close in, so Q4 traffic needs significant price stimulation at lower rates.”

He said that the outlook for fourth quarter is “hugely uncertain”.

He said, “We caution shareholders that we expect more Covid disruptions until we here in Europe or the rest of the globe can finally say that the Covid crises is over.”

Ryanair also reiterated its belief that it will fly less than 100 million passengers in the current financial year.

Rivals easyJet, LON:), and Wizz stated that they both expect high summer vacation demand. However Wizz warned that excessive capacity may impact profitability.