Ryanair Holdings Plc narrowed the range for its annual loss as Europe’s biggest low-cost carrier turns the page on a year disrupted by the coronavirus pandemic.

The loss for the year ended March 31 will be between 350 million euros and 400 million euros ($387 million-$440 million) before special items, the Dublin-based carrier said in a statement on Monday.

Ryanair said in January that the shortfall would be between 250 million and 450 million euros. Last week, Chief Executive Officer Michael O’Leary reiterated that range, saying the figure would fall toward the middle.

Shares of Ryanair traded 0.6% higher as of 8:12 a.m. in London, paring the decline this year to 11%.

In an interview Thursday O’Leary also presented an optimistic outlook for the next 12 months, saying that Ryanair will target at least 1 billion euros in net income for the new fiscal year, driven by hedges on 80% of its fuel needs and pent-up demand for travel as Covid curbs are lifted.

Traffic for fiscal 2022 reached 97 million passengers, up from 27.5 million in the previous year but still only two-thirds of the pre-pandemic level. The company plans to report annual results on May 16.

Rival discounter Wizz Air Holdings Plc’s 12-month passenger tally totaled 27 million. Its March load factor was 86%, compared with 87% at Ryanair.

Bernstein analyst Alex Irving said in a note that the occupancy figures are “particularly encouraging” in light of disruption from the war in Ukraine. Wizz shares also traded up 0.6%.