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Qatar Airways stories $4 billion in losses

Qatar Airways introduced main losses this week because the fallout from the COVID-19 pandemic continues to harm Gulf airways.

Qatar Airways Group reported a internet lack of $4.1 billion throughout its 2020-2021 fiscal 12 months. Greater than half of the loss was associated to a worth drop within the airline’s planes that have been grounded, the airline said in a press release Monday.

Qatar Airways’ fiscal 12 months ran from April 2020 by way of March 2021, an airline spokeswoman informed Al-Monitor Wednesday.

The Doha-based airline released a lengthy report detailing its funds compiled by the London-based agency Ernst & Younger. The report indicated that in the course of the earlier 2019-2020 fiscal 12 months, Qatar Airways additionally took a $1.9 billion loss.

Qatar Airways by no means stopped flying in the course of the pandemic however dramatically lowered its passenger flights in March 2020. The downturn in world journey, due to this fact, influenced the provider’s figures final 12 months as nicely.

The airline has steadily rebuilt its flight community since then, resuming common flight providers to a number of continents. Not too long ago, Qatar Airways has additionally been flying out foreigners from Afghanistan following the Taliban takeover.

Different Gulf airways have likewise struggled in the course of the coronavirus pandemic. Emirates in Dubai lost more than $5 billion in 2020, with Etihad in Abu Dhabi additionally experiencing substantial losses.

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