Irish no-frills airline Ryanair, which has slashed its flight capacity as a result of the pandemic, said Thursday its pilots in Spain had accepted a 20-percent pay cut to minimise job losses

Under the four-year agreement reached with Spanish pilots union SEPLA, pilots also accepted "flexible working patterns" which will allow the airline to improve its productivity, Ryanair said in a statement.

"This agreement gives Ryanair a framework to flex its operation during the COVID-19 crisis and a pathway to recovery when the business returns to normal in the years ahead".

At the same time, the company said it had failed to strike a deal with Spanish cabin crew unions USO and SITCPLA, which means "job losses are now more likely" among their members.

Ryanair announced Monday that it would cut is September and October timetable by 20 percent due to weaker-than-expected demand following renewed virus-linked travel restrictions in some European countries.

The company said the cuts would focus on countries such as Spain and France where a recent rise in coronavirus cases has led to increased travel restrictions.

Ryanair booked a net loss of 185 million euros ($216 million) in the three months to the end of June, the first quarter of its financial year.

In response to the coronavirus-induced downturn, Ryanair is seeking to axe 3,000 jobs and has not ruled out further cutbacks.

The pandemic has ravaged the global aviation sector, sparking heavy losses, job cuts, bankruptcies and state rescue plans.