Qantas has reported an annual loss of almost A$2bn (£1bn) as it deals with the impact of the coronavirus pandemic.
The Australian flag carrier's boss says trading conditions are the worst in the airline's 100-year history, reports BBC.
The firm also says around 4,000 of its 6,000 planned job cuts are expected to be finalised by the end of next month.
The global airline industry has been hit hard as travel restrictions have been imposed around the world.
"The impact of Covid on all airlines is clear. It's devastating and it will be a question of survival for many," Qantas Group chief executive Alan Joyce said in a statement.
"Recovery will take time and it will be choppy," he added.
Mr Joyce also warned that he expects a "significant underlying loss" in the next financial year.
Qantas said much of this year's loss was due to writing down the value of assets and redundancy payments.
With Australia's international borders all but shut and no sign of this changing, the Sydney-based carrier reiterated it was not anticipating resuming international flights until July 2021 at the earliest - with the possible exception of flights to New Zealand.