SAO PAULO: Brazilian plane-maker Embraer said it cut its losses to $3.3 million in the fourth quarter, but ended pandemic-hit 2020 with a total net loss of $731.9 million, more than double the previous year.

Embraer, the world’s third-biggest plane-maker, after Airbus and Boeing, has been gradually recovering from the devastation that Covid-19 restrictions wrought on the aviation industry last year, but its future remains murky.

Its net loss of $3.3 million for the last three months of the year was an improvement on both the $209.8 million it lost in the same period in 2019 and its loss of $121.2 million in the third quarter of 2020.

The full-year result was more than double its net loss of $322.3 million for 2019.