Qatar Airways to report second consecutive full-year loss
CEO blames rising fuel price and unfavourable currency exchange rates but says carrier still has a strong balance sheet
Berlin — Qatar Airways will report a second consecutive annual lost this year, its CEO says, blaming higher fuel costs and unfavourable currency exchange rates. The state-owned airline has rapidly expanded to new destinations since it lost access to 18 Middle East cities in 2017 due to a diplomatic rift between Qatar and some other Arab states. “We announced a loss last year and we will announce another loss this year but it doesn’t mean that Qatar Airways is not going to expand or invest,” CEO Akbar al-Baker told reporters at the ITB travel fair in Berlin. “We have a very strong balance sheet, regardless if we are temporarily making losses because of our additional operating costs, and the rising fuel price and the loss of foreign exchange.” The airline’s financial year ends on March 31. Qatar Airways lost access to cities in Saudi Arabia, the United Arab Emirates, Egypt and Bahrain in June 2017 when those four countries cut ties with Qatar after accusing it of supporting terrorism...
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