Tuesday 7 November 2017

Qatar Air Headed for Annual Loss Amid Saudi Blockade, CEO Warns - Bloomberg

Qatar Air Headed for Annual Loss Amid Saudi Blockade, CEO Warns - Bloomberg:

"Qatar Airways is headed for an annual loss after a Saudi-led blockade of its home nation forced the scrapping of some routes and the diversion of others. 


The second-biggest Persian Gulf carrier expects to post a loss this year, though it’s too early to say how big the deficit will be, Chief Executive Officer Akbar Al Baker said in an interview Tuesday. Net income at the Doha-based group rose 22 percent to 1.97 billion riyals ($525 million) in the year through March. 

“It is painful because there are many routes that slide as much as 2 1/2 longer, and there are routes that are narrow-body routes where we had to convert to wide-body in order carry enough fuel to go the longer distance,” the CEO said in Singapore. All told, Qatar Air has lost almost 11 percent of its network and 20 percent of revenue, he added."



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