Qatar Airways’ losses touched 15 billion riyals

Qatar Airways announced, on Monday, that its annual losses have doubled to 14.9 billion riyals ($4.1 billion), affected by the collapse of long-term travel due to Covid-19 and provisions for depreciation of aircraft.

The group, which includes the airline and other aviation assets, said it had booked a one-time impairment provision of 8.4 billion riyals for its fleet of ten Airbus A380s and 16 A330s.

The company’s operating loss shrank seven percent to 1.1 billion riyals.

The airline’s chief executive, Akbar al-Baker, had warned that the A380, the world’s largest passenger aircraft, might never return to the airline’s operating fleet due to the impact of the pandemic.

The financial results for the year ended March 31, compared to a loss of 7.3 billion riyals in the previous year.

Total revenues and the rest of the operating income fell 42.5 percent to 29.4 billion riyals. Riding revenue fell nearly 80 percent to 7.9 billion riyals.

The number of passengers traveling on the airline fell 82 percent to 5.8 million.

Qatar Airways also confirmed that it has received $3 billion in government support since the spread of the pandemic, through capital injections from its sole shareholder.

The company stated that it did not receive any support in the form of a salary subsidy, tax exemption or grants, while 15% of employees’ salaries were temporarily deducted, and the workforce shrank 27% to 36,707.

Qatar Airways says it is now operating flights to more than 140 destinations, up from a low of 33 during the pandemic. (Reuters)

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