Heathrow Airport has reported a loss of £2 billion for financial 2020 as Covid-19 restrictions saw travel come to a virtual standstill.
In comparison, the London location made a profit of £546 million in 2019.
Revenue fell from £3 billion to just £1.2 billion last year.
Passenger numbers fell 73 per cent to just 22 million for the year – with more than half of these visitors travelling in January and February 2020.
Heathrow chief executive, John Holland-Kaye, said, however, the corner may have been turned.
“We can be hopeful for 2021, with Britain on the cusp of becoming the first country in the world to safely resume international travel and trade at scale,” he explained.
“Getting aviation moving again will save thousands of jobs and reinvigorate the economy, and Heathrow will be working with the global travel taskforce to develop a robust plan underpinned by science and backed by industry.
“The prime minister will then have the unique opportunity to secure global agreement on a common international standard for travel when he hosts the G7 in June.”
Heathrow said it had acted quickly to cut gross operating costs by nearly £400 million as the Covid-19 virus spread.
Capital expenditure was also reduced by £700 million last year, while £2.5 billion was raised in funding, including a £600 million capital injection from investors.
The airport ended the year with £3.9 billion of liquidity, enough Heathrow through until 2023.