Home Business Qatar Airways annual loss widens

Qatar Airways annual loss widens

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FROM: PM News

Qatar Airways reported a loss of 2.3 billion Qatari riyals or 639 million dollars on Wednesday for the year ended March 31, as it grapples with the second year of an embargo by neighbours that has restricted its air routes and driven costs higher.

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Group Chief Executive Akbar Al Baker said that the losses were attributable to “loss of mature routes, higher fuel costs, and foreign exchange fluctuations’’.

The results mark a steeper loss from the previous year when the company reported a loss of 69 million dollars.

Saudi Arabia, Egypt, the United Arab Emirates, and Bahrain cut diplomatic and economic ties with Qatar in June 2017, and Qatar Airways has since been banned from flying to the four countries and from using their airspace.

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SOURCE: PM News

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