DOHA: The chief executive of Qatar Airways said that the airline made a net profit of $ 103 million in its last financial year, disclosing for the first time a figure for its annual earnings, which are being closely watched by carriers in U.S.
The government-owned airline does not publish full audited financial results but has repeatedly said that it will report ear nings amid claims by U.S. carriers that it is subsidized by its gas-rich owners.
“We are not afraid to [publish earnings] we are a private company,” Akbar Al Baker said in an interview. “But I can tell you our last year profit for the financial year was $103 million.”
Qatar Airways is one of three Persian Gulf-based carriers, including Dubai’s Emirates and Abu Dhabi-based Etihad Airways, facing hostility from international peers. The three major U.S. carriers—Delta Air Lines Inc., United Continental Holdings Inc. and American Airlines—and their European counterparts—Air France-KLM and Deutsche Lufthansa AG—claim that the Gulf airlines are subsidized by their state owners, and are calling on their own governments to limit the airlines’ access to new markets.
Qatar and Etihad have also been accused of lacking transparency as they don’t publish full audited financials.
In a short statement last month, Etihad said that it recorded a net profit of $73 million in its last financial year. Emirates reported a net profit of $1.2 billion on revenues of $24.2 billion.
Mr. Al Baker did not disclose revenues earned at Qatar Airways in its financial year, which runs from April through to the end of March.
The Gulf airlines have responded to the U.S. carriers by stating that the American companies have received billions of dollars in subsidies.
The back-and-forth claims have led to a war of words between the chief executives of the respective carriers, particularly Mr. Al Baker and Delta chief Richard Anderson, who has been vocal about the Gulf airlines expansion.
