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Qatar Air Set for Annual Loss Amid Saudi Blockade, Al Baker Says
- Saudi-led embargo has wiped out 11% of network, CEO reveals
- Gulf carrier posted $525 million profit in fiscal 2017
Qatar Air Seeks Trump's Influence on Saudi-led Blockade
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Qatar Airways Ltd. is likely to post an annual loss after a Saudi-led blockade of its home nation forced the airline to cancel some routes and divert others, Chief Executive Officer Akbar Al Baker said.
The second-biggest Persian Gulf carrier is working on substituting the 20 or so lost flights for roughly the same number of viable new routes and should then return to profitability, Al Baker said in an interview Tuesday, adding it’s too early to predict how big the loss will be. Net income at the Doha-based group rose 22 percent to 1.97 billion riyals ($525 million) in the year through March.