Qatar Airways says losses reach $4.1 billion amid pandemic

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.