Qatar Airways Confirms Substantial Annual Loss

Qatar Airways made a substantial loss in its last financial year because of a regional dispute that has banned the airline from four Arab countries, its Chief Executive commented without revealing the extent of the losses.

Qatar Airways has been blocked from flying to 18 cities in Saudi Arabia, the United Arab Emirates, Bahrain and Egypt since June when those countries cut ties with Qatar, accusing it of supporting terrorism.

“We have increased our operating costs, had to also take a hit on revenues so we don’t think that our results for the last financial year will be very good,” Chief Executive Akbar al-baker told reporters at the Eurasia Airshow in Antalya, Turkey.