Cathay Pacific says it can see better times ahead.
On Wednesday (November 17) the Hong Kong-based airline said it expected the second half of the year to be significantly better.
It's being boosted by exceptional demand for air cargo.
That almost put the airline back to cash breakeven for the four months from July to October.
Air freight operators worldwide have been lifted by strong retail demand from consumers, and logjams at sea ports.
Passenger traffic remains weak though.
Cathay says demand for student travel - which had been robust - has now tapered off again.
In October, it was still operating at just 10% of its pre-crisis capacity.
Australia's reopening to international travel is one bright spot, however.
The airline says it is steadily ramping up its flights to the country as bookings recover.
Even so, it expects its annual loss for 2021 to be substantial.