Airbus has again cut the production of its A350 long-range jet after the company posted a larger-than-expected second-quarter loss.

The European plane maker has been hit hard by the effects of the pandemic, according to CEO Guillaume Faury.

"The impact of the COVID-19 pandemic on our financials is now very visible in the second quarter," he said.

"The situation remains difficult and uncertain … but we are prepared to navigate these challenging times in our industry."

Read more: Thousands take to the streets to protest Airbus job losses in Spain

Aviation firms' balance sheets have suffered during the pandemic, with Airbus the latest big European name to reflect the hit in its most recent company results.

Revenues at the aerospace giant dropped 55 percent in the second quarter, compared with the year before, with €1.9 billion ($2.2 billion) net losses in the first half of 2020.

Airbus said there will be another cut in production of the A350. It is now down to making just five of the long-range jets each month.

In June, the company announced plans to cut 15,000 jobs over the next year.

The threat to 11 percent of Airbus's workforce has prompted protests across Europe.

Unions were angered by the news of the redundancies, particularly following the $17 billion program of investment from the French government to support the aerospace industry.

But Airbus is not alone in posting poor results. U.S. giant Boeing is also slashing its production plans.

The aerospace industry has suffered the knock-on effects from global lockdown measures, with airports closing, airlines going bust, ticket sales plunging and international travel restrictions being imposed across the world. 

The question is, in the face of a second wave of coronavirus infections in Europe, how Airbus and its peers will be able to get business back on track amid COVID-19's lingering assault on the aviation industry. 

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