The airline's reported an after tax loss of 454-million dollars for the 2020 financial year - the first time it's been in the red since 2002.
The airline's told the NZX it shelled out 175-million dollars every month from April to June, for refunds, redundancies and fuel hedge costs.
CEO Greg Foran says it's clear that Covid-19 is unlike any other crisis the aviation industry has experienced.
He says the airline needs to be more nimble than ever as borders reopen.
Due to the uncertainty, Air New Zealand isn't making an earnings prediction for the current financial year, but says every scenario currently suggests another loss.
