Qatar Airways profits reached US$540 million before Gulf crisis

On Sunday Qatar Airways announced its net profits had risen by almost 22 percent in the last financial year that ended in March, before the fallout with its Gulf neighbours.

The results cover the period from April 1st 2016 to March 31st 2017, long before Saudi Arabia and its allies cut ties with Qatar almost a week ago.

"Our annual results once again reflect the success of our expansion and growth strategy," Qatar Airways chief executive Akbar Al-Baker said in a statement.

The airline now faces a financial hit from the blockade, which bars it from large swaths of airspace. Flights to Europe and America have now been routed via Iranian and Turkish airspace to avoid Saudi Arabia and Bahrain. Flights going to Asia and Africa now have to fly around UAE airspace.

Qatar Airways has suspended all flights to the four boycotting nations, and has said it will continue to operate the rest of its network according to published schedules with “day-to-day adjustments for operational and commercial efficiencies, which is standard airline practice”.

As well as being banned from the country’s airspace, Saudi Arabia has revoked Qatar Airways’ license to operate out of the kingdom. The airline has also had to deal with the repercussions of the United States imposed ban on electronic devices larger than a smartphone on flights from the Middle East.

Share

Featured Articles

Hybrid live event shaping the future of Sustainability & ESG

Sustainability LIVE London returns for a two-day, multi-track conference programme featuring inspirational ESG speakers, debates and discussions

Nine must-attend sustainability events for business leaders

From London to Abu Dhabi, Singapore to San Diego, these sustainability-focused events are designed to help business leaders action their ESG goals

Daniel Weise of BCG on new supply chain and procurement book

Daniel Weise, global leader of Boston Consulting Group’s procurement business line, on the timely publication of his new book, Profit From The Source

Attract and retain talent with flexible working and benefits

Human Capital

Nurturing the next generation of women leaders in Africa

Leadership & Strategy

5 Mins With: Cybersecurity expert Ariel Parnes of Mitiga

Technology