Qatar Airways has posted a loss of $69 mln (QAR 252 mln) due to the aftermath Doha’s ongoing crisis with neighboring Arab countries since June 2017.
Qatar Airways attributed these losses to the regional political crisis, confirming that its failure to register expected earnings represents the losses for the fiscal year ending March 2018, according to financial statements published by the company on Tuesday.
The company acknowledged it had suffered its worst year on record after being banned by the four countries – Saudi Arabia, UAE, Bahrain and Egypt – that cut off diplomatic and economic ties with Qatar last year.
Here are 4 figures that illustrate QA’s losses:
- Loss of 2.8 million passengers in the last year dropping from 32 million to 29.2 million passengers.
- Drop in expected financial results, decreasing from QAR 1.97 bln at the end of March 2017 to a net loss of QAR 252 mln at the end of March 2018.
- Loss of 18 international destinations, in addition to losses due to added costs in avoiding air embargoes and being forced to lease or sell aircraft.
- Loss of QAR 5.5 bln from a rise in operating costs to QAR 42.2 bln from QAR 36.7 bln in the previous year.