European aircraft manufacturer Airbus lost €1.1 billion ($1.3 billion) last year amid the unprecedented pandemic crisis but expects to deliver hundreds of airplanes and make a profit in 2021.

Within 2020, Airbus delivered 566 aircraft down from 863 in 2019. Almost 50% of the deliveries came during the fourth quarter. New commercial aircraft orders also fell dramatically compared to the year before – only 268 net commercial orders in contrast to 768 in 2019.

Both figures were well down below the average result but above those from struggling Boeing. The company’s US rival Boeing faced a loss of €9.8 billion ($11.9 billion) last year due to the economic slump, combined with its 737 MAX aircraft grounding over two deadly crashes.

Across all business segments, including the manufacturer’s helicopter, military, and space arms, Airbus reported revenue of €50 billion ($60 billion), a 29% decrease year on year from 2019. As a result, it posted a net loss of €1.133 billion ($1.365 billion). Interestingly enough, this was an improvement in the net loss reported for 2019.

For 2021, Airbus predicted 2021 adjusted operating profit of €2 billion ($2.4 billion). “We have issued guidance to provide some visibility in a volatile environment,” chief executive Guillaume Faury said in a statement, adding that many challenges will still have to be embraced in 2021.