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Qatar Airways Profits Increase 22 Percent, Boeing 777-300ER
Qatar Airways Profits Increase 22 Percent. Qatar Airways record net profit rose nearly 22 percent in the latest fiscal year ending March, ahead of diplomatic consequences with its Gulf neighbors.The results cover the period from April 1, 2016 to March 31, 2017, long before Saudi Arabia and several of its allies cut ties with Qatar and broke air connections with Doha a week ago.
"Our annual results reflect once again the success of our expansion and growth strategy," Qatar Airways Chief Executive Akbar Al-Baker said in a statement.
Net profit increased to USD 540 million, an increase of 22 percent. Revenue rose 10 percent to USD 10.6 billion. In the last year, Qatar Airways added 10 new destinations and expanded its fleet to 196 aircraft.
Despite this performance, the current period is an uncertain time for the company based in Doha. Saudi Arabia, the United Arab Emirates, Bahrain and others accuse Qatar of supporting extremist groups and have imposed punitive measures against Doha.
These include Qatar Airways 'ban on using its airspace, and Saudi Arabia also revoked Qatar Airways' license to operate out of the kingdom.
The airline has also been dealing with the repercussions of a ban imposed by the United States in March on electronic devices larger than a smart phone on Middle Eastern flights. Outside the restrictions caused by the diplomatic row, the airline said it continues to operate the rest of its network as scheduled, making daily adjustments to operational and commercial efficiency.
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