Cathay Pacific has posted a record loss.
The Hong Kong airline said Wednesday (March 10) that its annual deficit hit almost 2.8 billion dollars.
That's worse than analyst forecasts, and marks a reversal from profits the year before.
Chairman Patrick Healy told reporters the firm was still "very much in survival mode".
He says it's now focused on preserving what cash it has.
Like its rivals, Cathay has been hit hard by the global travel slump.
In December, its passenger numbers were down 98.7% on the year, though cargo operations fared better.
The carrier has also been knocked by new rules requiring crews to quarantine for two weeks after returning to Hong Kong.
It made further cuts to capacity after those requirements came into force in February.
Now Cathay says it has enough liquidity to survive another 12 months even in tough circumstances.
But it will look at raising more funds on the commercial market in the months ahead.
Last October it said it would cut 5,900 jobs to help cut costs.