ANA Holdings Inc. has forecast its biggest-ever operating loss of ¥505 billion ($4.8 billion) for the fiscal year through March 2021, as the global airline becomes the latest to face an existential threat to its business due to the pandemic.

Along with its quarterly results, the carrier also unveiled a restructuring plan. ANA will target ¥150 billion in cost reductions in the current fiscal year, dispatch hundreds of employees to other companies and sell aircraft.

Analysts had been projecting, on average, an operating loss of ¥376 billion for the year, according to estimates compiled by Bloomberg.