Fuel refiner Ampol has posted a full-year loss of $485 million after coronavirus restrictions limited travel.
The company, formerly known as Caltex Australia, on Monday revealed the damage the pandemic had done to its finances.
Chief executive Matthew Halliday said travel and aviation fuel demand had been affected by the pandemic, leading to weak refining margins.
The company posted a net profit after tax of $383 million in the previous financial year.
Ampol said business conditions continued to be challenging and its jet fuel division remained the most affected.
More than 75 per cent of the jet fuel business is linked to international travel.
The company noted there was uncertainty about whether international travel would resume this year.
Shares were down 2.53 per cent to $25.82 at 1156 AEDT.