Qatar Airways receives US$2bn bailout following Covid-19 losses | Information

Qatar Airways has acquired round US$2 billion in state help because the flag-carrier battles the fallout from the Covid-19 pandemic.

Branding 2019/20 one in every of its “most troublesome years,” the Center Jap airline famous it had additionally been hit by the continued blockade of Qatari airspace and the collapse of Air Italy in latest months.

Modifications to accounting coverage had additionally taken a toll, the airline stated, releasing it monetary outcomes for the previous yr.

This headwinds noticed web losses almost double to seven billion riyals (US$1.92 billion) for the 12-months to March.

The airline confirmed that Qatar had joined an inventory of governments which have stepped in to help their nationwide carriers via the coronavirus shutdown.

Because the Covid-19 pandemic continues to decimate the aviation sector, Qatar Airways stated it might subject 730 million shares to the federal government after annual losses exceeded 50 per cent of share capital.

Dubai-based rival Emirates introduced related measures earlier this yr.

Making an attempt to strike an upbeat be aware, Qatar Airways Group chief government, Akbar al-Baker, identified a sequence of metrics have been headed in a constructive course.

“If not for the distinctive circumstances of fiscal yr 2020, our outcomes would have been higher than the yr earlier than,” he stated.

Qatar Airways noticed income enhance 6.5 per cent to 51 billion riyals (US$14 billion) final yr, whereas seat capability elevated by 3.2 per cent.

A lot of the true influence of the pandemic on Qatar Airways stays unclear, nevertheless, as international lockdowns continued after its monetary yr led to March.

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