The carrier revealed that its annual losses exceeded 50% of share capital. Long-haul Qatari carrier gets $1.95 billion government lifeline after losses widened. The coronavirus pandemic halted global aviation for months, which only has begun to pick back up. This boycott continues today, despite the efforts of other Arab countries in the Gulf and the United States. {* backButton *} Air Italy, in which Qatar Airways held a minority stake, went into liquidation in February. He lost $ 69 million in 2018. It lost $69 million in 2018. {* legalAcceptanceAcceptButton *}, {* backButton *} Get breaking news, weather and traffic stories in your inbox 7 days a week, 24 hours a day. World News Published: Sept 27, 2020. GM says it will lead the electric revolution, but can we trust them? The airline carried 32.3 million passengers in the last fiscal year, up from 29.4 million the previous year. Newsmax, Moneynews, Newsmax Health, and Independent. Qatar Airways reports £1.5bn losses. Sorry, we are not accepting comments on this article. Last Updated: 27th September, 2020 18:22 IST Qatar Airways Says Losses Reach USD 1.9B Amid Pandemic, Boycott Long-haul carrier Qatar Airways on Sunday reported revenue losses of USD 1.9 billion for the past year, blaming the coronavirus pandemic, its liquidation of shares in Air Italy and the ongoing boycott of Doha by four Arab nations for the drop. 2440 Ash St. Vancouver, BC V5Z 4J6 © 1996-2020 Rogers Media. The carrier also blamed the new accounting rules for further increasing losses in the past year. Qatar has also been targeted by Bahrain, Egypt, Saudi Arabia and the United Arab Emirates in a boycott since June 2017. Be the first to know! I understand that I can withdraw my consent at any time. The coronavirus pandemic has disrupted global aviation for months, which is only starting to recover. Qatar Airways, which operates some 250 planes from the recently built Hamad International Airport in Doha, follows the model of other Gulf carriers in providing an East-West connection from its location in the Arabian Peninsula. Passengers carried rose 10% to 32.4 million. All rights reserved. The lifeline was provided to Qatar Airways after annual losses exceeded 50% of share capital and was later converted into new shares, said the airline's financial statement. This material may not be published, broadcast, rewritten or redistributed. The carrier also blamed the new accounting rules for further increasing losses in the past year. You have entered an incorrect email address! Qatar also has been targeted by Bahrain, Egypt, Saudi Arabia and the United Arab Emirates in a boycott since June 2017. It lost $69 million in 2018. It also restated its losses for the previous year in the financial report Sunday, putting it at close to $1.3 billion as opposed to the $639 million it earlier reported. United to reconcile the countries involved in the political conflict. But Qatar Airways is in the same position as competing Gulf long-haul carriers Emirates and Etihad, cutting thousands of jobs while trying to expand its network as travel restrictions disappear around the world. The state-owned carrier also blamed new accounting rules for further adding to losses for the past fiscal year, which ended March 31. We also use third-party cookies that help us analyze and understand how you use this website. Ontario Reports 491 COVID-19 Cases, Largest Daily Increase in Months, Beatles Songs: What songs did John Lennon write as part of the Lennon-McCartney partnership? It also restated its losses for the previous year in the financial report Sunday, putting it at close to $1.3 billion as opposed to the $639 million it earlier reported. But opting out of some of these cookies may have an effect on your browsing experience. DUBAI - Qatar Airways received a 7.3 billion riyal ($1.95 billion) lifeline from the Qatar government after losing 7 billion riyal ($1.9 billion) in the year to March 31, the state-owned group disclosed on Sunday. The state-owned carrier blamed the global pandemic and an ongoing boycott of … The airline carried 32.3 million passengers in the last fiscal year, compared to 29.4 million the year prior.    But Qatar Airways finds itself in the same position of competing Gulf long-haul carriers Emirates and Etihad, slashing thousands of jobs while trying to expand its network as travel restrictions lift worldwide. “I have no doubts that the Qatar Airways group will emerge stronger from these difficult times and continue to innovate and set standards that our competitors can only hope to emulate,” he said. “If not for the exceptional circumstances of fiscal year 2020, our results would have been better than the year before,” Qatar Airways CEO Akbar al-Baker said in a statement. “If not for the exceptional circumstances of fiscal year 2020, our results would have been better than the year before,” Qatar Airways CEO Akbar al-Baker said in a statement. Links will not be permitted. This website uses cookies to improve your experience. It lost $69 million in 2018. DUBAI, United Arab Emirates — Long-haul carrier Qatar Airways on Sunday reported revenue losses of $1.9 billion for the past year, blaming the coronavirus pandemic, its liquidation of shares in Air Italy and the ongoing boycott of Doha by four Arab nations for the drop. Qatar Airways, which has slashed jobs and delayed new aircraft deliveries due to the pandemic, flagged in March that it would seek state support but had not until now disclosed the funding. All rights reserved. Qatar Airways Group includes the airline, management of Qatar's international airport and other aviation assets. PTI September 27, 2020 18:14 IST Dubai, Sep 27 (AP) Long-haul carrier Qatar Airways on Sunday reported revenue losses of USD 1.9 billion for the past year, blaming the coronavirus pandemic, its liquidation of shares in Air Italy and the ongoing boycott of Doha by four Arab nations for the drop. It is also banned from Egyptian and Bahraini airspace. © 2000-2020 Middle East Online. American. Qatar also has been targeted by Bahrain, Egypt, Saudi Arabia and the United Arab Emirates in a boycott since June 2017. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc. Long-haul carrier Qatar Airways on Sunday reported revenue losses of $1.9 billion for the past year, blaming the coronavirus pandemic, its liquidation of shares in Air Italy and the ongoing boycott of Doha by four Arab nations for the drop. Heavy losses. © Copyright 2020 The Associated Press. An error has occurred while trying to update your details. Several countries, including the United States, have stepped in to help airlines hammered by the coronavirus crisis that brought global travel to a near-halt earlier this year. Enter your email below and we'll send you another email. You have activated your account, please feel free to browse our exclusive contests, videos and content. Qatar Airways says losses reach $ 1.9 billion amid pandemic, boycott. Since mid-2017, the airline has been banned from the airspace of Saudi Arabia and the United Arab Emirates due to a regional political dispute that forces it to fly longer routes. DUBAI - Qatar Airways received a 7.3 billion riyal ($1.95 billion) lifeline from the Qatar government after losing 7 billion riyal ($1.9 billion) in the year to March 31, the state-owned group disclosed on Sunday. Dubai, United Arab Emirates – Long-haul carrier Qatar Airways on Sunday reported revenue losses of $ 1.9 billion for the past year, blaming the coronavirus pandemic, its liquidation of Air Italy shares and the boycott being Doha by four Arab countries for the decline. It also restated its losses for the previous year in the financial report on Sunday, putting it at close to 1.3 billion US dollars (£1 billion) as opposed to the 639 million US dollars (£501 million) it earlier reported. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Al-Baker said that since the pandemic, Qatar Airways had carried more than 2 million passengers and carried more than 250,000 tons of medicine and aid to areas affected by the coronavirus.

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