Manchester Airports Group (MAG) lost £320m in the year to the end of March as passenger numbers only reached one third of pre-pandemic levels.
MAG, which owns Manchester, London Stansted and East Midlands airports, said its combined losses for the last two years had reached £694m.
While the group's revenues were down 48%, the decline was far less marked than during the previous year.
MAG served 20.5 million passengers in the 12 months to the end of March.
While this was three times the number for the previous year, it was still only a third of the total for 2019-20.