Qatar Airways has experienced a "substantial" loss in its last financial year, as a direct consequence of the regional dispute that ended up banning the airline, according to its chief executive Akbar al-Baker. The Qatari flag carrier lost access to 18 cities in Saudi Arabia, the United Arab Emirates (UAE), Egypt and Bahrain when those countries imposed a blockade on the country last June, accusing Qatar of supporting "terrorism". Qatar denies the charges.
"We have increased our operating costs," al-Baker said at the Eurasia Airshow in Antalya, Turkey, on Wednesday, Reuters reported.
"We 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.
"I don't want to say the size of the loss but it was substantial."
The airspace ban means for many flights to the west and south of the Gulf, the airline has to fly longer routes, which requires more fuel and increases costs.
In March 2018, al-Baker said in an interview that Qatar Airways may need to call on its state owners for extra funds should the blockade continue.
"Not for the foreseeable future, but if it continues long term our shareholders will have to put additional equity into the company," he declared.
I don't want to say the size of the loss but it was substantial.
AKBAR AL-BAKER, QATAR AIRWAYS CHIEF EXECUTIVE OFFICER
However, despite the challenge that the blockade has represented for the airlines, the air carrier has sought new alternatives, and expanded its travel network with new international partnerships.
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