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Italian airline Alitalia's chief executive Andrea Ragnetti resigned on Monday after the troubled group announced a net loss of 280 million euros ($369 million) last year.
The company had registered a loss of 69 million euros in 2011, it said in a statement.
Alitalia also reported an operational loss of 119 million euros compared to a loss of 6.0 million euros in 2011.
Alitalia is once more on the verge of bankruptcy.
It has two options: either being re-nationalised or ceded in a cut-rate deal to Air France-KLM, which in 2008 had offered 2.5 billion euros ($3.26 billion) for the troubled airline.
The takeover bid was blocked by then prime minister Silvio Berlusconi.
The Italian state absorbed most of Alitalia's debt while the profit-making part of the business was sold off to a consortium of Italian businessmen.
The company was also merged with Italy's second airline, Air One.