Qatar Airways reports massive lose for 2020

Shaista Zafar

29th Sep, 2021. 04:59 pm
Massive loss for 2020 has announced by Qatar Airways

Massive loss for 2020 has announced by Qatar Airways

Qatar Airways has announced a net loss of QAR14.9 billion (US$4.1 billion) for the fiscal year 2020, detailing the entire extent of the Covid-19 epidemic.

The carrier claimed the loss was attributable to a one-time impairment charge of QAR8.4 billion (US$2.3 billion) connected to the grounding of its Airbus A380 and A330 fleets in the aftermath of the epidemic.

The flag carrier recorded a QAR1.1 billion (US$288 million) operational deficit, down 7% from the previous year.

Moreover, the group’s EBITDA increased significantly, reaching QAR6 billion (US$1.6 billion) from QAR5 billion (US$1.4 billion) the previous year.

“While our competitors grounded their aircraft and closed their routes, we adapted our entire commercial operation to respond to ever-evolving travel restrictions and never stopped flying, operating a network our passengers and customers could rely on,” Qatar Airways Group chief executive Akbar Al Baker said.

He added, “With the support of our varied fleet of modern, fuel-efficient aircraft, we were able to ensure that more of our scheduled flights operated than any other carrier and fulfilled our mission of taking stranded passengers home while maintaining global supply chains to transport medical aid and supplies essential to the fight against Covid-19.”

“We also significantly expanded our charter business as a direct response to increased demand in this area, providing vital and reliable services to support our customers during uncertain times, an effort that was publicly appreciated and acknowledged by many governments and organizations around the world.”

With 2,727,986 tonnes (chargeable weight) handled in 2020, cargo has witnessed a 4.6 percent increase in freight tonnes carried over the previous fiscal year.

Several major airlines, notably American Airlines, Air Canada, Alaska Airlines, and China Southern Airlines, have made substantial headway in the group’s goal of forging new strategic alliances.

Qatar Airways’ connectivity was further enhanced by these new partnerships, as well as extended collaboration with many existing partners, including JetBlue, Iberia, LATAM, Cathay Pacific, and Oman Air.

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