Qatar Airways reports $632 million loss

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Qatar Airways reported a net loss of $639 million for the 2018/2019 financial year.

 

Qatar Airways reported its second consecutive annual loss, citing higher fuel costs and currency volatility.

 

The carrier registered a net loss of 2.3 billion Qatari riyals ($639 million) for the 2018/2019 financial year.

 

The Doha-based airline lost $69 million in the same period a year earlier.

 

The news comes as Qatar Airways continues to feel the effects of the ongoing Arab boycott of the tiny gulf nation.

 

Akbar Al Baker, Qatar Airways Group chief executive, attempted to downplay the net loss, focusing mainly on the positives.

 

“I am very proud that we have grown our fleet, expanded our network and seen overall revenue increase to QAR 48 billion ($13.2 billion), a rise of 14%,” he said.

 

Al Baker claimed the challenges Qatar Airways face “are unparalleled in the airline industry.”

 

The carrier launched 11 new routes in the last year including Da Nang, Gothenburg, and Mombasa.

 

It also grew its fleet by 25 aircraft.