Breaking News
Investing Pro 0
Cyber Monday SALE: Up to 54% OFF InvestingPro+ CLAIM OFFER

Qatar Airways swings to annual profit after years of losses

Stock Markets Jun 16, 2022 08:52AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A Qatar Airways plane descends before landing at the Boryspil International Airport outside Kyiv, Ukraine, February 13, 2022. REUTERS/Valentyn Ogirenko/File Photo

DUBAI (Reuters) -Qatar Airways on Thursday 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 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.

($1 = 3.6400 Qatar riyals)

(Writting by Alexander CornwellEditing by Mark Potter, Bernadette Baum and David Evans)

Qatar Airways swings to annual profit after years of losses
 

Related Articles

China's COVID protests weigh on European shares
China's COVID protests weigh on European shares By Reuters - Nov 28, 2022 4

(Reuters) -European shares fell from three-month highs on Monday, led by losses in energy and mining stocks, as widespread and rare protests in China against stringent COVID-19...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email