Qatar Airways says losses reach $1.9 billion amid pandemic, boycott | World News - Hindustan Times
close_game
close_game

Qatar Airways says losses reach $1.9 billion amid pandemic, boycott

Dubai | ByAssociated Press | Posted by Arpan Rai
Sep 27, 2020 05:13 PM IST

The state-owned carrier also blamed new accounting rules for further adding to losses for the past fiscal year, which ended March 31.

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.

A Qatar Airways aircraft is parked at Rome's Leonardo Da Vinci international airport, Wednesday, July 8, 2020.(AP)
A Qatar Airways aircraft is parked at Rome's Leonardo Da Vinci international airport, Wednesday, July 8, 2020.(AP)

The state-owned carrier also blamed new accounting rules for further adding to losses for the past fiscal year, which ended March 31.

Hindustan Times - your fastest source for breaking news! Read now.

“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.

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. It lost $69 million in 2018.

The coronavirus pandemic halted global aviation for months, which only has begun to pick back up. Qatar also has been targeted by Bahrain, Egypt, Saudi Arabia and the United Arab Emirates in a boycott since June 2017. That boycott continues today, despite efforts by other Gulf Arab nations and the US to reconcile the countries involved in the political dispute.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away! - Login Now!

Get Latest World News along with Latest News from India at Hindustan Times.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, March 28, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On