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Quatar Airways announces a $69 million losses amid golf stalemate News
In the midst of a golf stalemate against Doha by its neighboring nations, Qatar Airways has announced a US $69 million deficit, calling it "the most demanding year in its 20-year track record. The Qatari based company released its Tuesday financials, which show lower sales gains and a 19 per cent decline in take-offs.
Since 5 June 2017, the carrier blamed the losses "directly on the illicit blockade" that Saudi Arabia, the United Arabian Emirates (UAE), Bahrain and Egypt have been imposing on the Gulf states. In the past year, the four Arabian nations parted ways with Qatar's foreign diplomacy and trading ties, and closed down ground, maritime and aviation ties, accusing Doha of aiding terrorists and breaching a 2014 deal with members of the Gulf Cooperation Council (GCC).
Quatar disputes all the quartet's assertions. "Akbar al-Baker, CEO of Qatar Airways, said in a declaration: "This tumultuous year has had an inevitable effect on our results, which reflects the adverse effects of the unlawful stalemate on our carrier. "I am happy to say, however, that thanks to our solid operational plans, our rapid response to the economic downturn, our passenger-oriented approach and our committed personnel, the effects have been minimized - and certainly not as adverse as our neighbors had hoped," he added.
Cataran carrier, which had been deprived of 18 towns in the blocking countries, was obliged to divert its traffic via Turkey, Iran and Oman. Qatar Airways has started 24 new targets since the beginning of the Gulf crises, but the growth caused extra takeoff charges, the carrier said in a declaration.
Qatar Airways said that its non-depreciated profits were also $483 million lower due to longer flight times and the losses of leaving seat from the blocking states. "and Qatar has invested further." As the Gulf crises enter their second year, the brokerage effort headed by Gulf neighbor Kuwait and the United States' seemingly shuttlesplomacy have not yet ended the conflict.