Doha: Qatar Airways will post “a very large loss” for the year ending April 1, spurred by the restrictions imposed by Saudi Arabia, UAE, Bahrain, and Egypt on Qatar last June, the airline’s head said.
Speaking at the annual tourism fair in Berlin, Qatar Airways Chief Executive Officer Akbar Al Baker said the carrier will need to find new streams of financing to survive since it has no access to the equivalent of US Chapter 11 bankruptcy protection.
Qatar Airways has had to scrap short-haul routes it once flew to the countries that imposed the embargo.
Swapping to longer routes using wide-body aircraft is driving up costs and at some point the company will seek to recoup its losses, Al Baker said.
The Gulf carrier is also being denied entry to airspace over the countries, causing diversions that extend flying times and add to the fuel bill.