Qatar Airways lost a loss of QR 252 million ($ 69 million) due to the aftermath of the province’s ongoing crisis since June 2017.
Qatar Airways attributed these losses to the regional political crisis, confirming that this loss represents the losses for the fiscal year ended March 2018, according to financial statements published by the company today.
The company acknowledged that the last year was the most difficult because it was banned by 4 countries of Saudi Arabia, UAE, Bahrain and Egypt.
For the first time, it recognizes the value of losses incurred for the first year of the boycott. The fiscal year from early April 2017 to the end of March 2018 is the worst year for the national carrier for 20 years.
These are four highlights of the provincial year on the country lines:
– Loss of 2.8 million passengers per year from 32 million passengers to 29.2 million passengers.
– A sharp deterioration of the financial results from net profits of about 1.97 billion riyals at the end of March 2017 to a net loss of 252 million riyals at the end of March 2018.
– Loss of 18 international destinations for travel plus cost losses to avoid air embargoes forced to lease or sell aircraft, change routes or could not provide service.
– Loss of 5.5 billion riyals from a rise in operating costs to 42.2 billion riyals from 36.7 billion riyals in the previous year.