Qatar Airways' annual losses double on pandemic, long-haul air travel ban

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Qatar Airways' annual losses double on pandemic, long-haul air travel ban

Qatar Airways Group, the Doha-based state-backed flagship carrier of Qatar having had heavyweight subsidiaries like of Cathay Pacific alongside Qatar Airways Cargo among others, had reported a Brobdingnagian $4.1 billion or 14.9 billion Riyal in annual losses over fiscal 2020-21, remarking a roughly doubling up of losses compared to fiscal 2019-20 as a pandemic associated downturn in long-haul travels alongside aircraft impairment charges had weighed heavily on the big-league carrier.

In point of fact, as airlines alongside travel and entertainment sector had borne the heaviest brunt in the pandemic’s fiscal fallouts, latest report from Qatar Airways followed an identical annual balance sheet from Dubai’s Emirates which had drained as many as $5.5 billon in the same period and had received an upsum of $3.1 billion as stimulus from the state.

Qatar Airways post a $4.1 billion in annual losses

Concomitantly, the Qatari state-backed airlines had reported a one-off impairment charge of $2.31 billion (8.4 billion Riyals) on 10 Airbus A380s alongside 16 A330s, while Qatar Airways Chief Executive Al Baker had raised an alarming bell over A380s adding that the world’s largest passenger jet might never find its way back into international fleets due to a drastic transmutation in clients’ behaviour during the pandemic.

Nevertheless, Qatar Airways’ operating losses contracted by 7 per cent to 1.1 billion Riyal over fiscal 2020-21 that ended on March 31. However, the heavy-weight carrier had reported a tottering of 42.5 per cent to $8.09 billion (29.4 billion Riyals) in total revenues alongside other operating incomes, while passenger revenues shrank by a roughly 80 per cent to $2.17 billion (7.9 billion Riyals).

While Qatar Airways had reported an 82 per cent decline in passengers to 5.8 million, a steeper-than-anticipated drop, the state-backed airways also had reiterated that it had received a whopping $3 billion in state supports since the beginning of pandemic outbreak.