Profits of Qatar airline Qatar Airways has grown over four times after the carrier expand its fleet of aircraft with wide-body, adding new routes and take advantage of the drop in fuel prices. The net profit of the airline rose to 1.6 billion riyals (439 million USD) for the 12 months to March, reported second-largest carrier in the Persian Gulf in his first published annual results. The state company has added 12 new routes during the period and became the first airline with flights to the US with Airbus A350XWB. Qatar Airways plans to add 17 new destinations during the current fiscal year, including Oakland and Helsinki.
The fastest growth in the short to medium term is expected to come from African and Indian markets expect the company. The new African destinations will be added this year include Lusaka, capital of Zambia and Libreville in Gabon. South America and China continue to report “strong underlying growth, commented the airline.
Qatar Airways, together with the other airlines in the Gulf Emirates, Etihad Airways, has come under increased scrutiny over year due to charges from its US competitors that receive state subsidies – a claim that all three companies continually denied. US carriers American Airlines, Delta Air Lines and United Airlines urged the Obama administration to conduct formal negotiations with the United Arab Emirates and Qatar to resolve the dispute. Fuel costs the airline fell by 9.2 million riyals from 12.8 million riyals last year. Lower oil prices, however, prejudice reservations energy sector as demand is falling.