Qatar Airways reviews large loss for 2020 | Information

Qatar Airways reports huge loss for 2020 | News


Qatar Airways has reported a internet lack of QAR14.9 billion (US$4.1 billion) for monetary 2020, laying out a full accounting of the Covid-19 pandemic up to now.

The provider mentioned QAR8.4 billion (US$2.3 billion) was because of a one-time impairment cost associated to the grounding of its Airbus A380 and A330 fleets within the wake of the outbreak.

The flag-carrier reported an operational loss at QAR1.1 billion (US$288 million), seven per cent much less in comparison with 2019.

Moreover, the group achieved a big enchancment in EBITDA, which stood at QAR6 billion (US$1.6 billion) in comparison with QAR5 billion (US$1.4 billion) the earlier yr.

Reflecting on what has been essentially the most difficult and extraordinary 12 months within the historical past of the airline, Qatar Airways Group chief govt, Akbar Al Baker, mentioned: “Whereas our opponents grounded their plane and closed their routes, we tailored our whole business operation to answer ever-evolving journey restrictions and by no means stopped flying, working a community our passengers and prospects might depend on.

“With the assist of our diversified fleet of contemporary, fuel-efficient plane, we had been ready to make sure that extra of our scheduled flights operated than some other provider and fulfilled our mission of taking stranded passengers residence, whereas sustaining international provide chains to move medical support and provides important to the struggle in opposition to Covid-19.

“We additionally considerably expanded our constitution enterprise as a direct response to elevated demand on this space, offering important and dependable companies to assist our prospects throughout unsure occasions, an effort that was publicly appreciated and acknowledged by many governments and organisations world wide.”

Cargo has additionally overseen a 4.6 per cent rise in freight tonnes dealt with over the earlier fiscal yr, with 2,727,986 tonnes (chargeable weight) dealt with in 2020.

The group additionally made important progress in its ambition to forge new strategic partnerships with a number of main airways, together with American Airways, Air Canada, Alaska Airways and China Southern Airways.

These new alliances, together with an expanded cooperation with a number of present companions, together with JetBlue, Iberia, LATAM, Cathay Pacific and Oman Air, additional strengthened Qatar Airways’ connectivity.

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