- Why Qatar Airways lost over $4 Billion in the last year
- A statement from the owner of Qatar Airways
Qatar Airways has announced a FY 2020/21 net loss of QAR 14.9 billion (US $4.1 billion), which includes a one-time impairment charge of QAR 8.4 billion (US $2.3 billion) related to the grounding of the airline’s Airbus A380 and A330 fleets.
On Monday (September 27, 2021) Qatar Airways announced their fiscal year 2020/21 financial results. The Group reported an annual net loss of QAR 14.9 billion (US $4.1 billion) on a year-over year EBITDA improvement from QAR 5 billion (US 1.4 billion) to QAR 6 billion (US $1.6 billion). The annual net loss includes a one-time impairment charge of QAR 8.4 billion (US $2.3 billion), related to the grounding of the airline’s Airbus A380 and A330 fleets. The Group’s 2020/21 operating loss totaled QAR 1.1 billion (US $288.3 million) a 7% improvement versus FY 2019/2020.
In Monday’s announcement, Qatar Airways Group’s Chief Executive, His Excellency Mr. Akbar Al Baker, said, “Whilst 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. 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, whilst maintaining global supply chains to transport medical aid and supplies essential to the fight against COVID-19.“