British Airways owner IAG made a pre-tax loss in 2020 of more than £6 billion compared with a £1.48 billion profit a year earlier.
Revenues collapsed 69 per cent from £22.2 billion to just £6.8 billion in 2020 as the Covid-19 pandemic hit.
The number of passengers using its fleet of airlines remains significantly down on pre-pandemic levels and fell sharply again during the traditional peak festive season.
The company, which also owns Aer Lingus and Iberia, said capacity for 2020 was just 33.5 per cent of 2019 levels and only 26.6 per cent in the final three months of the year.
In the three months to December, IAG also made an operating loss of £1.3 billion.
British Airways has axed around 13,000 staff and scrapped its entire fleet of Boeing 747 Jumbo Jets as part of a reorganisation.
The airline also announced it had secured an extra £2.45 billion of liquidity through loans and pension contribution deferrals.
It also plans to increase its trial of the VeriFLY digital health app across all International flights operating into the UK.
The expansion is designed to help those eligible to travel to navigate changing entry requirements and ensure passengers have the appropriate documentation in place, before departing for the airport.
The news also comes as IATA’s Director General, Alexandre de Juniac, reaffirmed that it was working closely with IAG on its IATA Travel Pass app which is being developed to launch in the coming weeks.
