Qatar Airways received a 7.3 billion riyal ($1.95 billion) lifeline from the government of Qatar.
Event Location
Qatar , Qatar
Start Time
29 September 2020, 12:00 AM
End Time
10 October 2020, 12:00 AM
Qatar Airways got $1.95b (7.3 billion riyals) government lifeline after losing 7 billion riyals in the year to March 31, the state-owned carrier disclosed on Sunday.
The onset of Covid-19 have taken its toll, although the figures only relate to the period up to March 31, 2020, so the bulk of the period of global lockdown and travel restrictions will fall into next year’s results.
The airline had stated in March that it would seek state support as the coronavirus crisis hammered the global travel industry.
Qatar’s government provided the airline with the support after March, when its annual losses exceeded 50% of the share capital, according to the group’s annual financial statement. The cash injection was later converted into new shares.
Qatar Airways is gradually been rebuilding its network, passing 90 destinations earlier this month, although this figure is still significantly down on the 160 destinations the airline was serving pre Covid-19.
Qatar Airways updates 2020Qatar Airways government lifeline