Qatar Airways Got $1.95bn Government Lifeline After Losses Widened
Qatar Airways received a 7.3 billion riyal ($1.95 billion) lifeline from the Qatar government after losing seven billion riyal in the year to March 31, the state-owned group has disclosed.
Several countries, including the United States, have stepped in to help airlines hammered by the coronavirus crisis that brought global travel to a near-halt earlier this year.
The lifeline was provided to Qatar Airways after annual losses exceeded 50% of share capital and was later converted into new shares, the airline's financial statement said.
Qatar Airways, which has slashed jobs and delayed new aircraft deliveries due to the pandemic, flagged in March that it would seek state support but had not until now disclosed the funding.
The airline said that the 2019-20 financial year had been one of the most difficult in its nearly three-decade history, with losses widening from a restated 4.5 billion riyal loss in the previous year.
Revenue And Passengers Carried
The airline saw revenue increase 6.5% to 51.1 million riyal. Passengers carried rose 10% to 32.4 million.