Qatar Airways reported on Monday that it suffered a $4bn loss. The company reported the revenues over the last fiscal year, as lockdowns triggered by the coronavirus pandemic cut the need for long-haul travel.
The state-owned airline reported the major loss which was largely attributed to the grounding of its Airbus A380 and A330 wide-body jets, highlighting the dramatic toll of the pandemic on the industry. The airline reported an increase in earnings to $1.6bn before taxes and other costs compared to the previous year.
Qatar Airways acknowledged receiving a $3bn lifeline from the Qatari government to keep operating as it struggled with virus restrictions. Revenue for the airline fell to over $8bn from $14bn the year before. The airline incurred taxes surged to $2.3bn over the grounding of its wide-body fleet. Qatar Airways took 5.8 million passengers to the skies in the last fiscal year. It is compared to 32.3 million the year before a staggering 82% drop.