Sep 28, 2020, 08:00 EST
Bronx, United States, Sep 28, 2020, 08:00 /Comserve / -- Qatar Airways recently published its Annual Report for the year 2019-2020. Despite the continued illegal airspace blockage imposed against the State of Qatar and the most difficult period in the global aviation industry due to COVID-19.
Doha, Qatar, Sept. 28, 2020 – Qatar Airways recently published its Annual Report for the year 2019-2020. Despite the continued illegal airspace blockage imposed against the State of Qatar and the most difficult period in the global aviation industry due to COVID-19, the report highlights the resilience of the airline in its report.
Even though Qatar Airways is used to facing a diverse range of challenges, the year 2019-2020 has turned out to the most demanding year in the history of the airline. Qatar Airways reported a net loss of QAR 7 billion for the year 2019-2020. This is mainly due to various reasons including illegal air space blockage against the State of Qatar, changes in accounting policies and reporting standards. Apart from that, the liquidation of Air Italy by the majority shareholder along with the COVID-19 outbreak also had an important role to play.
The Group saw an improvement due to various factors. The Group’s other operating income and revenue reached QAR 51.1 billion which was up 6.4 percent as compared to last year. The passenger revenue saw growth by 8.9 percent along with capacity growth of 3.2 percent. With an increase of 9.8 percent as compared to last year, Qatar Airways carried 32.4 million passengers over the last financial year.
The fiscal year 2020 saw the Group with an increase of 2.8 percent in handling freight tonnes. There was an increase in passenger traffic at the Hamad International Airport by 8.6 percent. Additionally, Qatar Airways had invested QAR 16.8 billion in various assets including its fleet and was left with a cash balance of QAR 7.3 billion at the end of the year. The Group’s three-year transformation plan began pre-COVID, saw significant progress. This plan will place the operations and practices of the Group in order to meet current challenges.
In June 2020, Qatar Airways Global Network not only held its position as the largest international carrier in the world, its network increased to more than 270 weekly flights to more than 45 destinations.
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