Passenger aircraft, operated by Ryanair Holdings, stand on the tarmac at London Stansted Airport in Stansted, U.K., on May 1, 2020.

Chris Ratcliffe | Bloomberg | Getty Images

Ryanair is negotiating pay cuts, unpaid leave and up to 3,000 job losses with its employees and trade unions, as the coronavirus reduced passenger numbers at the airline by over 5 million.

In its full-year results to the end of March, the Irish company said revenues rose to 8.49 billion euros ($9.19 billion) — a 10% increase from the year before. Profit was up 13% at 1 billion euros, excluding a fuel hedge charge.

However, it said the ongoing pandemic and subsequent travel restrictions suggest the next year will be “difficult” for the carrier. 

The majority of its airplanes were grounded from mid-March and the company expects to resume at-most 50% of its scheduled flights during the second quarter (between July and September).

Ryanair, which said it would not be seeking state aid, said the competitive landscape would be distorted as a result of government support for other airlines across Europe.

“We … expect that traffic on reduced flight schedules will be subject to significant price discounting, and below cost selling, from these flag carriers with huge State Aid war chests,” the company said Monday.