Stellar results for Qatar Airways in fiscal 2017
Qatar Airways has released its annual report for the period from 1 April 2016 to 31 March revealing a 21.7% year-on-year net profit increase and a 10.4% jump in annual revenue.
During fiscal 2017, Qatar Airways made significant investments, launched ten new destinations and expanded its fleet to 196 aircraft. In July 2016, the airline boosted its stake in the International Airlines Group (IAG) from 15.24% to 20.01% in July 2016, and acquired 10% of the Latam Airline Group’s shares in December 2016.
In order to support its growth strategy, the airline signed an agreement with Boeing in October 2016, to purchase up to 100 aircraft comprising 30 firm B787-9s and 10 firm B777-300ERs with a letter of intent to purchase up to a further 60 B737 MAX 8 aircraft.
In early June 2017, Saudi Arabia, Bahrain, the UAE and Egypt took steps to sever diplomatic ties with Qatar, and also closed transport routes to/from Qatar. Qatar Airways is, however, continuing to operate to the rest of its network as per its published schedules. (ah)