Qatar Airways will report a second consecutive annual lost this year, its CEO says, blaming higher fuel costs and unfavourable currency exchange rates.
“We announced a loss last year and we will announce another loss this year but it doesn’t mean that Qatar Airways is not going to expand or invest,” CEO Akbar al-Baker told reporters at the ITB travel fair in Berlin. “We have a very strong balance sheet, regardless if we are temporarily making losses because of our additional operating costs, and the rising fuel price and the loss of foreign exchange.”
The airline’s financial year ends on March 31.
The state-owned airline has rapidly expanded to new destinations since it lost access to 18 Middle East cities in 2017 due to a diplomatic rift between Qatar and some other Arab states, stated a Reuters report. Qatar Airways lost access to cities in Saudi Arabia, the United Arab Emirates, Egypt and Bahrain in June 2017 when those four countries cut ties with Qatar after accusing it of supporting terrorism. Qatar denies the charges.
The airline has been banned from their airspace, meaning its flights to the west and south of the Gulf have to fly longer routes around the four countries, increasing its fuel costs.
The carrier reported a $69m loss last year, which it blamed on the higher operating costs caused by the dispute.
Last year, Baker said the airline’s owners might have to put in additional equity if the dispute continued over the long term. However, on Wednesday he said he did not expect to seek a capital injection in the foreseeable future.
Qatar Airways announced seven new destinations, including Malta and Somalia’s capital Mogadishu and said it would announce a further seven in the second half of this year. It will continue to operate its fleet of 10 Airbus A380 aircraft for the foreseeable future, Baker said.
Airbus announced in February it would end A380 production in 2021.
Emirates will add another 43 A380s and 28 Boeing 777 aircraft to its extensive cabin retrofit programme lifting the total…
Lilium, developer of the first all-electric vertical take-off and landing (eVTOL) jet is partnering with advanced air mobility (AAM) operator…
Lockheed Martin Skunk Works recently joined the U.S. Air Force Test Pilot School and other government and industry partners in…
Airbus has finalised the acquisition of U.S.-based Aerovel and its unmanned aerial system (UAS), Flexrotor, in a move to strengthen…
The Turkish Aerospace Industries (TAI) is highlighting its 5th Generation Jet Fighter KAAN, as well as its T625 Gokbey Helicopter…
Sarsilmaz is bringing its range of weapons to the ongoing show. The company is displaying its defence products from small…
Roketsan is showcasing its well-earned reputation in the development of groundbreaking technologies in rocket, missile and weapon systems at this…
An insight into possible weapon options for the Royal Malaysian Air Force’s (RMAF) new Korean Aerospace Industries (KAI) FA-50 light…
Countries across regions are increasingly staying away from Russian arms since due to the fear of inviting U.S. sanctions, opening…
Fresh after its success in deploying 5G services in India, Vietnam’s Military Industry and Telecoms Group (Viettel) is at the…
Saab is displaying its training solutions for modern training needs at the ongoing DSA. The company is also showcasing its…
Ranhill Defence & Technology a Malaysian provider of defence solutions has partnered with Thai manufacturer of defence vehicles Chaiseri to…
BrahMos Aerospace Private Limited (BAPL), the Indo-Russian manufacturer of cruise missiles is presenting its offering for use on air, land…
STM, a prominent player in the Turkish defence sector is showcasing its naval platforms and tactical mini-Unmanned Aerial Vehicle (UAV)…
Indian provider of anti-ballistic solutions SMPP Private Limited is presenting its range of bullet-proof armour-based solutions at the ongoing show.…
DRB-HICOM Defence Technologies Sdn. Bhd. (DEFTECH) is marking a strong presence at the ongoing with a wide range of offerings…
DRB-HICOM Defence Technologies Sdn Bhd (Deftech), a subsidiary of DRB-HICOM Bhd is now undertaking developmental flight testing of Malaysia’s first-ever…
The Royal Malaysian Navy (RMN) is seeking to procure two assault craft for its special forces unit, Paskal. These assault…
The Malaysian Army is set to bolster its arsenal with additional mortar systems following previous acquisitions from Spain. In 2022,…
Leonardo is displaying a model of the ATR 72 MPA in Royal Malaysian Air Force (RMAF) colours. Two ATR 72…
Pakistan based defence firm Global Industrial & Defence Solutions (GIDS) is showcasing its growing range of defence products at the…
The ongoing edition of Defence Services Asia (DSA) and National Security (NATSEC) Asia 2024 now underway is slated to result…
BAE Systems is highlighting the capabilities of Nautomate, an autonomous control system for uncrewed marine vehicles, by demonstrating it on…
Turkish defence firm, ASELSAN is showcasing a growing range of defence equipment and services at the ongoing show, in order…
Emirates has announced the first set of destinations to be served by its A350 aircraft entering service in September 2024.…
Ocean Infinity, has presented a new MH370 underwater search proposal to Anthony Loke, the Malaysian Minister of Transport in Kuala…
The 18th edition of Defence Services Asia this year (DSA 2024) is expected to be the biggest ever in the…
It is not a coincidence that the Turkish contingent at the show is one of the largest. The Turkish defence…
Aselsan is keen to grow its market presence in Malaysia and is participating in the ongoing DSA with a wide…
"During the DSA event, we will be holding important discussions on what we can do to strengthen the naval defence…
Headquartered in Singapore with reporters spread across all major regions, GBP Aerospace & Defence is a leading media house that publishes three publications that serve the aerospace and defence sector - Asian Defence Technology, Asian Airlines & Aerospace and Daily News. Known industry-wide for quality journalism, GBP Aerospace & Defence is present at more international tradeshows and exhibitions than any other competing publication in the region.
For over three decades, our award-winning team of reporters has been producing top-notch content to help readers stay abreast of the latest developements in the field of commercial aviation, MRO, defence, and Space.
Copyright 2024. GBP. All Rights Reserved.
Home Defence & Security Space Commercial Aviation Maintence Repair & Overhaul Daily News Events About Us
2024 GBP all rights reserved.