Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2025

Daily Sabah - Latest & Breaking News from Turkey | Istanbul

  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV

Qatar Airways suffers $69M revenue loss this year amid boycott by Arab nations

by Associated Press

DUBAI, United Arab Emirates Sep 19, 2018 - 12:00 am GMT+3
In this Jan. 15, 2015, file photo, a Qatar Airways jet arriving from Doha, Qatar, approaches the gate at the airport in Frankfurt, Germany. (AP Photo)
In this Jan. 15, 2015, file photo, a Qatar Airways jet arriving from Doha, Qatar, approaches the gate at the airport in Frankfurt, Germany. (AP Photo)
by Associated Press Sep 19, 2018 12:00 am

Qatar Airways suffered a $69 million loss this fiscal year, an over $800 million swing from the year before that the long-haul carrier blamed on the ongoing boycott of Doha by four Arab nations.

The loss by the flagship carrier shows the challenges still facing Qatar, a small, energy-rich nation that juts out like a thumb on the Arabian Peninsula. However, the airline struck a defiant tone while releasing its results for the fiscal year that ended March 31.

"This turbulent year has inevitably had an impact on our financial results, which reflect the negative effect the illegal blockade has had on our airline," Qatar Airways CEO Akbar al-Baker said in a statement Tuesday.

"However, I am pleased to say ... the impact has been minimized - and has certainly not been as negative as our neighboring countries may have hoped for," he added.

The Doha-based airline reported revenue of $11.5 billion in 2018. It also adjusted its profit in 2017 to $766 million off revenue of $10.7 billion, a result that didn't include the effect of the boycott that began June 5, 2017.

The boycott locked Qatar Airways out of the airspace of Bahrain, Egypt, Saudi Arabia and the United Arab Emirates, forcing the airline to take longer flights consuming more jet fuel, raising expenses. The carrier said 18 routes were "closed due to the illegal blockade."

Boycotting nations say the crisis stems from Qatar's support for terrorist groups in the region, charges denied by Doha. Their demands include Qatar limiting diplomatic ties to Iran, shutting down the state-funded Al-Jazeera satellite news network and other media outlets, and severing ties to all "terrorist organizations," including the Muslim Brotherhood and Lebanon's Hezbollah.

Mediation by Kuwait and the United States has failed to stop the boycott. America relies on Qatar's massive al-Udeid Air Base to host the forward headquarters of the U.S. military's Central Command.

Also, Qatar's vast natural gas reserves have so far insulated the nation. Work there continues ahead of Doha hosting the 2022 FIFA World Cup soccer tournament. Meanwhile, Qatar Airways continues to compete with the region's other marquee long-haul carriers, Dubai-based Emirates and Abu Dhabi-based Etihad, in connecting the East and West.

  • shortlink copied
  • Last Update: Sep 19, 2018 10:59 am
    KEYWORDS
    business
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    Melbourne Fashion Week 2021 kicks off
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • DS TV
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021