Qatar Airways profits hit $540 million before Gulf crisis

DUBAI, United Arab Emirates -- Qatar Airways says its net profits rose to $540 million in its latest financial disclosure before the airline took a hit and was blocked from flying to major Arab states.

The 20-year-old carrier, one of the Middle East's biggest, announced Sunday its revenue rose by $1 billion from $9.6 billion last year to $10.6 billion in the fiscal year ending March 31. Its profits stood at around $445 million in 2016.

Analysts estimate that a political standoff between Qatar and other Arab states will cost the airline heavily. Last week, Saudi Arabia, the United Arab Emirates, Egypt and Bahrain cut ties with Qatar and blocked direct flights with the country. All except Bahrain barred Qatari flights from their airspace, compelling Qatar Airways to use longer routes over Iran.

Let's block ads! (Why?)