DOHA: Qatar Airways Group, the parent company of the Doha-based airline, reported a 328 percent jump in net profits at its airline operations on Monday.
The carrier, owned by the government of Qatar, posted a net profit of 1.6 billion riyals ($439 million) for the financial year to March 31, up from the 374 million riyals ($103 million) in profit recorded for the previous year.
It is the first time Qatar Airways Group has released its financial results, which have come under scrutiny after US airlines and their unions accused it of competing unfairly through state subsidies.
Qatar Airways has denied the allegations and said US airlines are losing market share due to poor service.
In Monday's statement the airline said that at a group level it reduced its costs by 1.5 percent and increased its cash and bank balance by 54 percent, despite a growth in operations and an adverse movement in foreign currency exchange rates.
Qatar Airways plans to launch 17 new destinations in the current financial year, a figure that includes recently-launched services to Adelaide, Atlanta, Marrakesh and Yerevan.
To come: Auckland, New Zealand; Chiang Mai, Thailand; Douala, Cameroon; Helsinki, Finland; Krabi, Thailand; Libreville, Gabon; Lusaka, Zambia; Nice, France; Pisa, Italy; Sarajevo, Bosnia and Herzegovina; Seychelles; Skopje, Macedonia; and Windhoek, Namibia.
In May Qatar Airways raised its stake in International Consolidated Airlines Group, owner of British Airways, Iberia and Aer Lingus, to 15.01 percent and said it would consider acquiring more of the company over time.
The airline celebrated delivery of its 25th Boeing Dreamliner, and now operates a fleet of 29 Boeing 787s. Celebrating another milestone in the fleet, the airline celebrated the delivery of its 50th Boeing 777, the backbone of its international network.
Qatar Executive, the private jet division of the Qatar Airways Group, became the launch customer of the Gulfstream G650ER, the world’s largest and fastest aircraft of its size. Qatar Executive now has two G650ER aircraft of the total order for 30 Gulfstream family aircraft.
Reuters / The Peninsula
