Italian airline Alitalia’s chief executive Andrea Ragnetti resigned on Monday after the troubled group announced a net loss of 280 million euros ($369 million) last year.
The company had registered a loss of 69 million euros in 2011, it said in a statement.
Alitalia also reported an operational loss of 119 million euros compared to a loss of 6.0 million euros in 2011.
Alitalia is once more on the verge of bankruptcy.
It has two options: either being re-nationalised or ceded in a cut-rate deal to Air France-KLM, which in 2008 had offered 2.5 billion euros ($3.26 billion) for the troubled airline.
The takeover bid was blocked by then prime minister Silvio Berlusconi.
The Italian state absorbed most of Alitalia’s debt while the profit-making part of the business was sold off to a consortium of Italian businessmen.
The company was also merged with Italy’s second airline, Air One.©Standard Gazette, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s publisher is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Standard Gazette with appropriate and specific direction to the original content.