Dubai-based Emirates Airlines on Thursday posted its first loss in more than three decades, saying it had been badly hit by the coronavirus lockdown that brought air transport to a literal standstill.

The Middle East’s largest carrier said it suffered a $3.4 billion loss in the six months to September.

“In this unprecedented situation for the aviation and travel industry, the Emirates Group recorded a half-year loss for the first time in over 30 years,” the airline’s Chairman and Chief Executive, Sheikh Ahmed bin Saeed Al Maktoum said in a statement.

“No one can predict the future, but we expect a steep recovery in travel demand once a Covid-19 vaccine is available, and we are readying ourselves to serve that rebound.”

The last time the airline reported a loss was in the 1987-88 financial year, when it was starting up its operations.

Before the pandemic hit, Emirates served a global network spanning over 158 destinations in 84 countries. Currently, it flies to 99 destinations.