Qatar Airways announced on Sunday 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.
Qatar airways is one of the Middle East’s biggest airlines, said revenue rose last year from $9.6 billion to $10.6 billion in the fiscal year ending March 31. Its net profits in 2016 stood at around $445 million.
Analysts estimate that a political standoff between Qatar and other Arab states will cost the airline heavily.
Qatar Airways also stopped its flights to the four Arab countries. Additionally, Qatar Airways is now using longer routes to its European and North American destinations, including direct flights to the world’s busiest international airport in Atlanta.
However Qatar Airways CEO Akbar al-Baker “Qatar Airways continues to operate to the rest of its network as per its published schedules with day-to-day adjustments for operational and commercial efficiencies,” said, without elaborating further.