QATAR AIRWAYS ANNOUNCES PROFITS, NEW PLANS
The national carrier made its annual financial performance public for the first time, after promising to do so for many years.
Qatar Airways made a net profit of QR1.6 billion ($439 million) during its fiscal year ending March 31, 2016, more than four times higher than its 2014-15 profit of QR374 million ($103 million). This has largely been due to falling oil prices, Qatar Airways said. Prior to this, the airliner announced the finalizing of plans with Alisarda to take an ownership stake in Italy’s second largest airline, Meridiana. In a statement, Qatar Airways said it will buy 49% of the carrier’s shares by early October. CEO Akbar Al Baker said, “This agreement sets the path to progress our work towards a strong resolution that benefits both the staff and passengers who travel with Meridiana.”