Qantas Airways said Thursday the pandemic cost it 4 billion Australian dollars ($2.9 billion) in revenue in the last fiscal year and warned that international travel won't resume before mid-2021.

The Australian airline reported an underlying profit before tax of AU$124 million ($89 million) for the fiscal year that ended on June, a 90.6% decline from the AU$1.33 billion profit posted a year before.

The carrier’s statutory net loss for the latest year was AU$1.96 billion ($141 billion).

Qantas chief executive Alan Joyce said international routes would not reopen until the middle of next year and U.S. services might depend on a COVID-19 vaccine becoming widely available.

Routes would be reopened country by country, depending on virus spread.

“New Zealand is an obvious example that should potentially open up relatively fast compared to the other countries around the world,” Joyce said.

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