Qatar Airways receives US$2bn bailout following Covid-19 losses | Information

Qatar Airways adds two new Africa destinations | News

Qatar Airways has obtained round US$2 billion in state support because the flag-carrier battles the fallout from the Covid-19 pandemic.

Branding 2019/20 one in all its “most tough years,” the Center Jap airline famous it had additionally been hit by the continuing blockade of Qatari airspace and the collapse of Air Italy in latest months.

Modifications to accounting coverage had additionally taken a toll, the airline mentioned, releasing it financial results for the previous yr.

This headwinds noticed web losses almost double to seven billion riyals (US$1.92 billion) for the 12-months to March.

The airline confirmed that Qatar had joined an inventory of governments which have stepped in to assist their nationwide carriers by means of the coronavirus shutdown.

Because the Covid-19 pandemic continues to decimate the aviation sector, Qatar Airways mentioned it could subject 730 million shares to the federal government after annual losses exceeded 50 per cent of share capital.

Dubai-based rival Emirates announced related measures earlier this yr.

Trying to strike an upbeat word, Qatar Airways Group chief govt, Akbar al-Baker, identified a sequence of metrics had been headed in a optimistic path.

“If not for the distinctive circumstances of fiscal yr 2020, our outcomes would have been higher than the yr earlier than,” he mentioned.

Qatar Airways noticed income improve 6.5 per cent to 51 billion riyals (US$14 billion) final yr, whereas seat capability elevated by 3.2 per cent.

A lot of the true impression of the pandemic on Qatar Airways stays unclear, nonetheless, as world lockdowns continued after its monetary yr led to March.

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