DUBLIN, (Reuters) –Ryanair reports its first quarterly profit after the onset COVID-19. But it stated that the company expects to lose up to 200m euros ($231million) each year as it is forced to offer discounted tickets in order to get its aircraft filled over winter.

An Irish airline that operated more flights than European counterparts this summer reported Monday a loss after taxes of 48 millions euros in the six-months to September. An analyst poll had predicted that the loss would be 43 million euros.

Although it didn’t break out after-tax profits for the three months ending September, its second quarterly, the loss of 273 millions euros reported in the quarter before implies that it would report a quarter profit at 225 million euros.

It is the first quarterly profit it has made since October-December 2019 (pre-pandemic disruptions to travel).

Europe’s most popular budget airline was responsible for carrying 39.1 million passengers over the six months to September. That is 54% more than it did in the same period in 2019.

Ryanair expects to post a loss between 100 and 200 millions euros in the fiscal year that ends March 31st. Group Chief Executive Michael O’Leary stated that Ryanair had very little visibility.

O’Leary has stated that the pandemic presents the greatest growth opportunities in his career of three decades. Ryanair lifted its five-year growth goal to fly 225m passengers per year by 2026 from the 200 million originally forecasted.

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

It was reiterated by the airline that it expected to return to pre COVID profitability during the year ending in March 2023.

($1 = 0.8651 euros)