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LONDON: British Airways owner IAG said Friday it suffered a 2020 net loss of 6.9 billion euros ($8.4 billion) as the coronavirus pandemic paralysed air travel.

The huge loss after tax compared with a net profit of 1.7 billion euros in 2019, IAG said in a results statement.

Revenues slumped almost 70 percent to 7.8 billion euros from 25.5 billion euros as passenger capacity was slashed, hit by evaporating demand and changing national travel restrictions throughout the year.

The number of passengers remains significantly down on pre-pandemic levels, while capacity was just 33.5 percent of 2019 and continues to be adversely affected.

“Our results reflect the serious impact that Covid-19 has had on our business,” said chief executive Luis Gallego. IAG, whose portfolio also includes Ireland’s Aer Lingus and Spain’s Iberia, is undertaking a painful cost-cutting drive and has axed thousands of jobs as it navigates the dizzying downturn in international aviation.

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