Qatar Airways to report second consecutive full year loss: CEO

Qatar Airways will report a second consecutive annual lost this year, its CE said Wednesday, blaming higher fuel costs and unfavorable currency exchange rates. The state-owned airline has rapidly expanded to new destinations since it lost access to 18 Middle East cities in 2017 due to a diplomatic rift between Qatar and some other Arab states. “We announced a loss last year and we will announce another loss this year but it doesn’t mean that Qatar Airways is not going to expand or invest,” Akbar al-Baker said. “We have a very strong balance sheet - regardless if we are temporarily making losses because of our additional operating costs, and the rising fuel price and the loss of (foreign) exchange.” The airline’s financial year ends on March 31. Qatar Airways lost access to cities in Saudi Arabia, the United Arab Emirates, Egypt and Bahrain in June 2017 when those four countries cut ties with Qatar after accusing it of supporting terrorism. Qatar denies the charges. The airline has also been banned from their airspace, meaning its flights to the west and south of the Gulf have to fly longer routes around the four countries, increasing its fuel costs.<br/>