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17 NEW ROUTES PLANNED

Qatar Airways plans to launch 17 new destinations
in the current financial year.

Qatar Airways net profit jumps 328pc

DOHA, July 11, 2016

Qatar Airways Group, the parent company of the Doha-based airline, reported a 328 per cent jump in net profits at its airline operations on Monday.

The carrier, owned by the government of Qatar, posted a net profit of QR1.6 billion ($439 million) for the financial year to March 31, up from the QR374 million ($103 million) in profit recorded for the previous year.

It is the first time Qatar Airways Group has released its financial results, which have come under scrutiny after US airlines and their unions accused it of competing unfairly through state subsidies.

Qatar Airways has denied the allegations and said US airlines are losing market share due to poor service.

In Monday's statement the airline said that at a group level it reduced its costs by 1.5 per cent and increased its cash and bank balance by 54 per cent, despite a growth in operations and an adverse movement in foreign currency exchange rates.

Qatar Airways plans to launch 17 new destinations in the current financial year, a figure that includes recently-launched services to Adelaide, Atlanta, Marrakesh and Yerevan.

In May Qatar Airways raised its stake in International Consolidated Airlines Group, owner of British Airways, Iberia and Aer Lingus, to 15.01 per cent and said it would consider acquiring more of the company over time. – Reuters




Tags: Qatar Airways | Net Profit |

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