DUBAI, United Arab Emirates (AP) — Qatar Airways announced on Monday that it suffered a more than $4 billion loss in revenues over the last year, as lockdowns triggered by the coronavirus pandemic slashed demand for air travel.

The major loss, which it said mostly stemmed from the grounding of its fleet of Airbus A380 and A330 jets, highlights the dramatic impact of the pandemic on the aviation industry, despite the state-owned airline's higher earnings before taxes and other costs compared to the previous year.

The long-haul carrier based in the energy-rich Gulf Arab state of Qatar nonetheless praised its resilience in the face of the ongoing challenges posed by the fast-spreading virus variants still racing around the globe, noting that its operational loss of $288 million stood at 7% less than the year before.