DUBLIN, (Reuters) – Ryanair reported Monday a loss of 355 million euros ($369.06 millions) for the pandemic-hit twelve months ending March. However, Ryanair stated that it is impossible to forecast and cannot predict anything other than hoping for a return in “reasonable profitability” for this year.

The Irish airline operates more flights than any European airline. According to Eurocontrol air traffic regulator Eurocontrol it plans to expand its passengers to 165million this year. That’s up from 97million passengers last year and the pre-COVID-19 record 149 million.

Ryanair’s chief executive officer Michael O’Leary claimed that it was difficult, if certainly impossible, to offer a reasonable or precise profit guidance range given the continued threat posed by COVID-19 and the war in Ukraine.

O’Leary released a statement saying that the recovery was fragile.

He said that bookings had improved over the past week, but first quarter pricing still needed stimulation. Ryanair believes that summer peak fares will be slightly higher than pre-pandemic because of pent up demand.

Pre-exceptional losses of 355 millions euros for the full year were less than the 370 million euro loss forecasted by analysts in a poll. It was also lower than its loss of 1 million euros last financial year. The airline reported a profit in March 2020 of 1 billion euro.

Ryanair shares closed Friday at 13.62 Euros. This is a 25% drop in just three months. It was mainly due to an increase in fuel prices as well as concerns over the effect of inflation on European demand.

($1 = 0.9619 euros)