Wednesday, June 29, 2022
No menu items!

Qatar Airways swings to annual profit after years of losses

Qatar Airways on Thursday (June 16) posted its first annual profit since 2017 following years of losses blamed on a regional political dispute and the pandemic.

The airline, which only operates international flights, said it made a profit of 5.6 billion riyal ($1.5 billion) in the year to March 31, compared to a year ago loss of 14.8 billion.

It said revenue climbed 78% to 52.3 billion revenue as passenger traffic more than tripled to 18.5 million, which was still down compared to the year before the pandemic struck.

The cargo business, however, recorded its best ever year with the airline carrying 3 million tonnes of freight.

Air freight rates have sky-rocketed since the start of the pandemic, in part due to constraints in the shipping industry.

Chief Executive Akbar Al Baker said business fundamentals would have been helped to a greater degree if it was not for “unforeseen circumstances” that have significantly impacted fleet capacity and ability to add expand its route network.

Qatar Airways is suing Airbus AIR.PA in a British court for $1 billion in damages after grounding around two dozen of its A350s experiencing the flaws, which it says raise safety concerns – something Airbus and European regulators deny.

The airline had reported consecutive annual losses since its 2017/18 financial year, which it blamed on the political rift that caused it to be banned from some neighbouring countries.

That ban, which forced the airline to operate longer, more expensive routes, was lifted after Saudi Arabia, the United Arab Emirates and others in 2021 ended their dispute with Qatar.

Qatar Airways also cited the pandemic for last year’s loss.

Gulf rival Emirates, whose financial year also ended March 31, earlier this year reported an annual loss of $1.1 billion.

(production: Bushra Shakhshir, Alexander Cornwell)


Please enter your comment!
Please enter your name here

Latest News

Robbery suspect holds 2 people hostage at motel in Jersey Village

HOUSTON - A robbery suspect has barricaded himself while holding two people hostage inside a motel in...

Wall Street mixed at open after selloff

Wall Street's main indexes opened mixed on Friday (June 17), after a brutal selloff triggered by the Federal Reserve and other major...

Texas abortion law leads to ‘50% decrease in the number of patients who are able to have abortions’

Nine months have passed since the state of Texas passed one of the most restrictive abortion laws in the nation last year.

Tesla to charge more for cars in US, as Musk files appeal over Twitter posts

 Tesla Inc again raised prices for all its car models in the United States in response to persistent global supply-chain problems and...

White House looking into Americans reported captured in Ukraine

The White House said on Thursday (June 16) that it's "working very hard to learn more" about two U.S. citizens who are...

More Articles Like This