Qatar Airways drinks the broth

Qatar Airways announced on Tuesday a net loss of more than $69 million for the past fiscal year, which it attributed in particular to the « illegal blockade » imposed by Saudi Arabia and its allies on Qatar.

In a press release, Qatar Airways refers to the year (1 April 2017-31 March 2018) as « the most difficult year » since the company was created 20 years ago. However, it highlights « its strength and resilience in the face of adversity« , while its revenues increased by 7.22% compared to the previous fiscal year.

Net loss is « directly related to the illegal blockade » imposed on June 5, 2017 by Saudi Arabia, Bahrain, the United Arab Emirates and Egypt, which affected departures from Doha (-19%), while 18 destinations were closed, the company says.

Riyadh and its allies have broken off diplomatic relations with Qatar and closed all land, sea and air links with the emirate, accused of flirting with radical Islamist organizations and approaching Iran.

Qatar rejected these accusations, claiming that its opponents were seeking to place its foreign policy under supervision.

As a result of the air embargo, Qatar Airways’ aircraft have since had to travel longer routes and use more kerosene.

« This turbulent year inevitably had an impact on our financial results« , said Qatar Airways CEO Akbar Al-Baker, adding however that the impact of the Gulf crisis was « minimized » and « is certainly not as negative as our neighbouring countries would have hoped« .

Last year, Qatar Airways announced gains of $540 million for the fiscal year from April 1, 2016 to March 31, 2017.