Qatar Airways swings to annual profit after years of losses

DUBAI, June 16 (Reuters) – Qatar Airways on Thursday posted its first annual revenue since 2017 following years of losses blamed on a regional political dispute and the pandemic.

The airline, which solely operates worldwide flights, mentioned it made a revenue of 5.6 billion riyal ($1.5 billion) within the yr to March 31, in comparison with a yr in the past lack of 14.8 billion.

It mentioned income climbed 78% to 52.3 billion income as passenger site visitors greater than tripled to 18.5 million, which was nonetheless down in comparison with the yr earlier than the pandemic struck.

The cargo enterprise, nonetheless, recorded its greatest ever yr with the airline carrying 3 million tonnes of freight.

Air freight charges have sky-rocketed because the begin of the pandemic, partly resulting from constraints within the delivery trade.

Chief Government Akbar Al Baker mentioned enterprise fundamentals would have been helped to a better diploma if it was not for “unexpected circumstances” which have considerably impacted fleet capability and talent so as to add develop its route community.

Qatar Airways is suing Airbus (AIR.PA) in a British courtroom for $1 billion in damages after grounding round two dozen of its A350s experiencing the failings, which it says elevate security issues – one thing Airbus and European regulators deny.

The airline had reported consecutive annual losses since its 2017/18 monetary yr, which it blamed on the political rift that brought about it to be banned from some neighbouring nations.

That ban, which compelled the airline to function longer, dearer routes, was lifted after Saudi Arabia, the United Arab Emirates and others in 2021 ended their dispute with Qatar.

Qatar Airways additionally cited the pandemic for final yr’s loss.

Gulf rival Emirates, whose monetary yr additionally ended March 31, earlier this yr reported an annual lack of $1.1 billion.

($1 = 3.6400 Qatar riyals)

Writting by Alexander Cornwell
Modifying by Mark Potter, Bernadette Baum and David Evans

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