Article from BTNews 24 SEPTEMBER 2018
Qatar Air defiant after loss
A loss of QAR252m (about £53m) for the financial year ending 31 March was reported last week by Qatar Airways following what the airline is calling the “most challenging year” in its 20-year history.
Chief executive Akbar Al Baker said lower revenue growth in 2017-2018 was directly attributable to the “illegal” blockade imposed on Qatar by four neighbouring countries in June 2017 in a political dispute.
The airline said revenue and other operating income grew by 7.22% over the past 12 months. Capacity, as measured in available seat kilometres, grew by 9.96%, while the blockade impacted departing seats by 19%.
Replacing 18 mature routes closed due to the blockade, the airline opened 14 new destinations during the fiscal year but these, coming with launch costs and the necessity to establish market presence, resulted in an overall net loss.
“This turbulent year has inevitably had an impact on our financial results, which reflect the negative effect the illegal blockade has had on our airline,” Al Baker said.
“However, I am pleased to say that thanks to our robust business planning, swift actions in the face of the crisis, passenger-focused solutions and dedicated staff, the impact has been minimised.”
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