As the aviation sector rebounded from pandemic lockdowns, Irish low-cost carrier Ryanair announced a significant reduction in annual net losses on Monday.

The company’s net loss after tax fell to 355 million euros ($369 million) in the year ended March 31, compared to a net loss of 1.0 billion euros the previous year.

“This recovery, however, remains fragile” following Russia’s invasion of Ukraine, chief executive Michael O’Leary said in a statement.

“Given the continuing risk of adverse news flows on” Ukraine and Covid, “it is impractical — if not impossible — to provide a sensible or accurate profit guidance range at this time”, he added.

While Ryanair expects cost rises as a result of rising oil prices fueled by the war, the airline wants to “return to normal profitability” this year.

It expects 165 million passengers in the current year, up from 149 million in the year before the pandemic.

Last year, the airline carried more than 97 million passengers, up from 27.5 million over the previous 12 months when the epidemic struck.

Last year, group sales nearly tripled to 4.8 billion euros as travel demand improved.