British Airways owner IAG lost €7.8bn (£6.8bn, $9.5bn) last year due to the coronavirus crisis.
IAG made a pre-tax loss of €7.8bn on income of €7.9bn in 2020. The company made an operating loss before exceptional costs of €4.4bn, which was in-line with forecasts.
Revenue for the year was down 70% as passenger numbers slumped. IAG said it flew just a third of its 2019 capacity last year.
“Our results reflect the serious impact that COVID-19 has had on our business,” chief executive Luis Gallego said. “We have taken effective action to preserve cash, boost liquidity and reduce our cost base.
“Despite this crisis, our liquidity remains strong. At 31 December, the Group’s liquidity was €10.3bn including a successful €2.7bn capital increase and £2bn loan commitment from UKEF. This is higher than at the start of the pandemic.”