Qatar Airways reports losses of $1.922 billion in fiscal year 2019-2020.

Aviación al Día

6 years ago

The Qatar Airways Group recorded net losses of 1.922 billion dollars in fiscal year 2019-2020, which ended on March 31, reported the Qatar company in a statement on Sunday, reported EFE.

The losses that tripled, compared to fiscal year 2018-2019, which were 639 million dollars, occurred despite the fact that its income rose to 14,034 million dollars, 6.4% more than the previous period, and that the number of passengers of the airline reached 32.4 million, 9.8% more than in 2018-2019.

Qatar Airways blamed the results on the air blockade imposed by Egypt, Saudi Arabia, the United Arab Emirates and Bahrain since 2017; the liquidation of Air Italy (of which the Qatar airline had 49%), changes in accounting policy standards and the global coronavirus pandemic.

The company’s executive director, Akbar al Baker, highlighted as positive data the increase of 2.8% in the tons of goods transported by the airline and 3.2% in available seats, as well as the investment of $4,614 million to expand its fleet and other assets.

“Despite the critical challenges our group has faced in 2019-2020, the Qatar Airways Group continues to remain resilient, reporting strong underlying fundamentals. Were it not for the exceptional circumstances of fiscal year 2020, our results would have been better than the previous year,” he concluded.