DOHA: September 18, 2018. The Qatar Airways Group has reported a 5.1 percent increase in revenue to QR42 billion for its fiscal year ending March 2018. Overall pre-tax loss was QR156.44 million compared to a profit of QR2.64 billion the previous year, while the net loss was QR251.58 million from a profit of QR2.79 billion in 2016/2017.

Cargo revenue rose 34.4 percent against a capacity increase of 14.0 percent during the period to generate a total of 1,359,203 tonnes – up 17.8 percent over the previous 12 months.

"Qatar Airways Cargo is one of the most important divisions in the [group], making a significant contribution to the company’s overall success,” commented group CEO Akbar Al Baker, who was in Seattle this week for the delivery of two more B777 freighters (pictured).

“This turbulent year has inevitably had an impact on our financial results, which reflect the negative effect the illegal blockade has had on our airline,” said Al Baker. “However, I am pleased to say that thanks to our robust business planning, swift actions in the face of the crisis, our passenger-focused solutions and dedicated staff, the impact has been minimised – and has certainly not been as negative as our neighbouring countries may have hoped for.”

The airline has added 24 destinations since the start of the blockade on June 05, 2017 for a network total of 160.

As well as taking delivery of its first Airbus A350-1000, the airline added 20 other aircraft to its fleet for a total of 213 during the year; took a 9.99 percent stake in Cathay Pacific and a 49 percent share of AQA Holding, the parent company of Meridiana fly, which was re-launched as Air Italy in February.

Despite the continuing political discord among the Gulf Cooperation Council members, the airline has 300 aircraft on order worth US$90 billion including 100 B777Xs, seven B777-300ER, three B777-200 freighters, 30 B787s, eight A330 freighter options and 54 A350s.