Qatar Airways says losses reach $4.1 billion amid pandemic

Qatar Airways says it suffered a more than $4 billion loss in revenues over the last year, as lockdowns triggered by the coronavirus pandemic slashed demand for air travel

Earns-Qatar Airways (Copyright 2020 The Associated Press. All rights reserved)

Qatar Airways announced on Monday that it suffered a more than $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 $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 $288 million stood at 7% less than the year before. The airline acknowledged receiving a $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.