Qatar Airways annual losses double to $4.1 billion Blog
Qatar Airways suffers $4bn annual loss.
Qatar Airways announced on Monday that it suffered a more than $4bn loss in revenues over the last fiscal year, as lockdowns triggered by the coronavirus pandemic slashed demand for long-haul travel.
The Doha-based carrier said the losses mostly stemmed from the grounding of its fleet of A380 and A330 wide-body jets.
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The Covid-19 pandemic hit international routes the hardest, dealing a heavy blow to super connectors in the Persian Gulf that essentially lack domestic markets.
The airline did however do a good job in diversifying as Qatar Airways Cargo maintained its position as the world’s largest cargo carrier and grew its market share during 2020/21.
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During the pandemic’s peak, the company’s cargo division more than tripled its daily services, operating a record 183 flights in one day during the month of May 2020.
Additionally, the flagship carrier has received a boost earlier this year from an end to a yearslong boycott that locked Qatar Airways out of the airspace of Bahrain, Egypt, Saudi Arabia and the United Arab Emirates.
Reflecting on what has been the most challenging and extraordinary 12 months in the airline’s history, Qatar Airways Group Chief Executive, Akbar Al Baker, said: “There are three words that I believe best describe Qatar Airways Group’s response in the past year – strength, resilience, and commitment.
“Strength to not shy away from taking a risk or avoiding difficult decisions, resilience in remaining focused and not allowing events to overcome us, and commitment by never reneging on our promises to customers, partners, and employees.”
Neighbouring Dubai-based Emirates and Abu Dhabi-based Etihad, also posted significant losses over the past year.
