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FinancialNews


  • 05-11-20

    Qatar Airways reveals substantial losses

    (MENAFN) Qatar Airways has revealed that they are experiencing almost ten-fold rise in yearly losses due to raised fuel prices and a weakened local economy as higher fuel costs and a weaker regional economy mixed with a rough operating environment from Saudi-led airspace shut downs.

    The firm released on Wednesday, November 4th, that the loss for the 12 months through March inflated to 2.33 billion riyals (USD637 million) as the rise and fall of currency matched with the augmented kerosene bill led costs to surpass a loan in proceeds.

    Chief executive Akbar Al Baker noted that the numbers were a letdown however, the firm is going through difficulties "unparalleled in the airline industry".

    He highlighted that the airline managed to add new destinations in the 12 months, increased passenger numbers and made its cargo business the biggest globally.

    MENAFN05112020000045011369ID1101075939

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