British Airways is expecting its revenues for 2009-10 to fall by £1 billion ($1.6 billion) compared with the previous year.
Chief financial officer Keith Williams gave the forecast in the airline's internal publication.
He says a £500 million cut in the fuel bill will still leave a £500 million shortfall "just to stand still".
"This year we will still make the single largest loss in our history," he says, exceeding the £401 million pre-tax loss posted for 2008-09.
BA's revenues last year reached around £9 billion.