DUBAI: Qatar Airways received a 7.3 billion riyal lifeline from the Qatar government after losing 7 billion riyal in the year to March 31, the state-owned group disclosed on Sunday.
The lifeline was provided to Qatar Airways after annual losses exceeded 50% of share capital and was later converted into new shares, said the airline’s financial statement. The airline said the 2019-20 financial year had been one of the most difficult in its nearly three-decade history, with losses widening from a restated 4.5 billion riyal loss in the previous year.
The true impact of the crisis on Qatar Airways is unclear as global lockdowns continued beyond its financial year-end.
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