Qatar Airways expects small loss for 2011

City A.M. Reporter
QATAR Airways, the Gulf state’s rapidly growing flag carrier, made a small net loss in the last financial year which ended in March because of high oil prices, its chief executive said yesterday.

“We had a very small loss because of the huge increase in oil price,” Akbar al-Baker told reporters.

“Profit on an Ebitda (earnings before interest, taxes, depreciation and amortisation) level was 47 per cent above the previous year, but on a net level we made a small loss. For the 2010-2011 financial year, we made a substantial profit.”

He did not elaborate. Qatar Airways, which is not listed on a stock market, does not regularly disclose its earnings.

The airline carried 14.3m passengers last financial year, a number which is expected to increase to 17m this year.