Qatar Airways posts $639 million loss if latest fiscal year

Qatar Airways is reporting an annual loss of $639 million (2.3 billion riyals) as it struggles with a boycott by neighbouring countries against the Persian Gulf state.

The results were worse than the $69 million (252 million riyal) loss a year earlier.

The state-owned airline said Wednesday that revenue increased 14% over the previous year, but it was hurt by the loss of mature routes, higher fuel costs and foreign exchange rates.

CEO Akbar Al Baker calls it a year of achievement in the face of adversity.

The airline says it’s opening new routes and buying more planes despite the blockade since 2017 by four neighbours, including Saudi Arabia. U.S. airlines accuse it of unfair subsidies.

Qatar Airways also owns stakes in Air Italy, Cathay Pacific and other carriers.

The Associated Press