World News | Qatar Airways Says Losses Reach $4.1 Billion Amid Pandemic
Get latest articles and stories on World at LatestLY. Qatar Airways announced on Monday that it suffered a more than USD 4 billion loss in revenues over the last year, as lockdowns triggered by the coronavirus pandemic slashed demand for long-haul travel.
Dubai, Sep 27 (AP) Qatar Airways announced on Monday that it suffered a more than USD 4 billion loss in revenues over the last year, as lockdowns triggered by the coronavirus pandemic slashed demand for long-haul travel.
The major loss, which the state-owned airline largely attributed to the grounding of its Airbus A380 and A330 wide-body jets, highlights the dramatic toll of the pandemic on the industry. Even so, the airline reported an increase in earnings to USD 1.6 billion before taxes and other costs compared to the previous year.
The long-haul carrier based in the energy-rich Gulf Arab state of Qatar nonetheless praised its resilience in the face of the fast-spreading virus variants still racing around the globe, noting that its operational loss of USD 288 million stood at 7 per cent less than the year before. The airline acknowledged receiving a USD 3 billion lifeline from the Qatari government as it struggled with virus restrictions.
The other two biggest carriers in the region that depend on lucrative long-haul routes, Dubai-based Emirates and Abu Dhabi-based Etihad, also posted significant losses over the past year. (AP)
Also Read | Afghanistan, Myanmar Will Not Address UN General Assembly, Says UN Official.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)