Qatar Airways reports FY2019 loss of US$2.7b despite rise in cargo revenues
QATAR Airways' cargo revenues rose by 16
QATAR Airways' cargo revenues rose by 16.8 per cent to QAR10.1 billion (US$2.773 billion) in fiscal year 2019 due to fleet expansion, but overall the carrier suffered a loss for the year of QAR2.3 billion despite overall airline revenues increasing by 14 per cent to QAR48 billion.
Results were impacted by the continuing airspace blockade on Qatar put into effect by neighbouring countries in June 2017, reported London's Air Cargo News.
During the fiscal year the carrier transported 1.4 million tonnes of cargo, up 6.8 per cent year on year, making it the second largest cargo carrier worldwide.
Meanwhile, cargo capacity rose by 11.8 per cent as measured by available tonne kilometres. During 2018-19 the carrier's freighter fleet expanded due to taking delivery of three new Boeing 777 freighters.
It will receive a further five B777Fs by year-end, raising its all-cargo line-up to 28 aircraft, including two B747-8Fs, 21 B777Fs and five A330Fs.
'The launch of transpacific freighter services from Macau to North America in October 2018 enhanced the capabilities of the business, allowing customers in China to ship their cargo directly to the US and Mexico over the Pacific, significantly reducing air transport time,' the airline said.
As well as Macau, freighter services were launched to Guadalajara and Almaty this year. In total, Qatar Airways Cargo now offers 65 freighter flights per day.
Qatar Airways Group chief executive Akbar Al Baker said: 'While it is disappointing that group has registered a net loss of QAR2.3 billion - attributable to the loss of mature routes, higher fuel costs and foreign exchange fluctuations - the underlying fundamentals of our business remain extremely robust.'
The airline launched 11 new destinations during the fiscal year 2019 and grew its fleet by 25 aircraft after welcoming its 250th aircraft in March 2019. It has 300 aircraft on order.