Airline Flybe has seen no let-up in the "challenging" conditions which have grounded its shares in recent months.
Europe's biggest regional airline is forecast to make a loss in the year to March 31, although in a trading update it said the final quarter of the period had been in line with its hopes.
This helped shares open slightly higher, but the stock is still well below levels seen prior to a profits warning in early January.
Flybe said market conditions remain challenging but that it was helped by its "robust and flexible" business model.
It is working on plans to increase revenues per seat, delivering cost reductions and ways to better match capacity to demand.