Saturday , December 5 2020

Qatar Airways says losses reach $1.9 billion amid pandemic, boycott

DUBAI: Long-haul service Qatar Airways on Sunday reported earnings losses of $1.9 billion for the past twelve months, blaming the coronavirus pandemic, its liquidation of shares in Air Italy and the ongoing boycott of Doha by four Arab international locations for the drop.

The declare-owned service moreover blamed unusual accounting solutions for additional adding to losses for the past fiscal twelve months, which ended March 31.

“If not for the noteworthy instances of fiscal twelve months 2020, our outcomes would had been better than the twelve months sooner than,” Qatar Airways CEO Akbar al-Baker mentioned in a commentary.

It moreover restated its losses for the outdated twelve months within the financial file Sunday, striking it at cease to $1.3 billion versus the $639 million it earlier reported. It lost $69 million in 2018.

The coronavirus pandemic halted global aviation for months, which most productive has begun to obtain attend up. Qatar moreover has been focused by Bahrain, Egypt, Saudi Arabia and the United Arab Emirates in a boycott since June 2017.

That boycott continues this day, no topic efforts by assorted Gulf Arab international locations and the US to reconcile the international locations eager on the political dispute.


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