LONDON – In concurrence with independent financial auditors, Qatar Airways has posted a loss of QAR252 million, comparable to a profit of QAR2.9 billion in the last report.
Overall revenue and other income grew by 7.22% for the airline compared to the capacity growth of 9.96%.
Qatar Airways blames the blockade which has been in effect since June 5 last year, impacting departing seats by 19%.
EBITDAR margins were posted at QAR 9.714 billion, which was QAR 1.759 billion lower than the last financial report due to the same reasoning of the blockade and loss of departing seats.
Aggressively citing the blockade was Akbar Al Baker, Group CEO of the airline.
“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.”
“However, I am pleased to say that thanks to our robust business planning, swift actions in the face of the crisis, our passenger-focused solutions and dedicated staff, the impact has been minimized–and has certainly not been as negative as our neighboring countries may have hoped for,” said Al Baker.
The CEO explained that 10 weeks after the blockade was in effect, “Qatar Airways launched new routes to Sohar, Prague, and Kyiv while other routes saw increases in frequencies,” mitigating the loss that crippled the airline’s network.
Since the start of the blockade, a total of 24 new destinations have been launched and have been recording significant load factors, said Al Baker, who reassures that the airline boasts a positive operating cash inflow.
In addition, the Qatari flag carrier also invested in a myriad of other airlines, including Cathay Pacific and Air Italy.
Qatar Airways also continued to invest in sports, especially with Bayern München, AS Roma, and Boca Juniors.