DUBLIN-based airline Cityjet recorded a massive €51.5m in losses despite a jump in passenger numbers.
The airline's revenues decreased by 8pc from €281.4m to €258.9m in the 12 months to the end of March last year.
Directors said in the report that the negative result at operating level was due to the continued severe economic environment with "sharp decline in business traffic and volatility in oil prices and currencies".
In previous year's accounts, Cityjet listed a pre-tax loss of €63.9m. The Swords-based airline is wholly owned by Air France-KLM and is the largest airline operating out of London City airport.