Qatar Airways posts $639 million loss if latest fiscal year

Qatar Airways reports a loss of $639 million (2.3 billion riyals) for its latest 12-month period as it continues to struggle with a boycott by neighboring countries against Qatar

Qatar Airways is reporting an annual loss of $639 million (2.3 billion riyals) as it struggles with a boycott by neighboring countries against the Persian Gulf state.

The results were worse than the $69 million (252 million riyal) loss a year earlier.

The state-owned airline said Wednesday that revenue increased 14% over the previous year, but it was hurt by the loss of mature routes, higher fuel costs and foreign exchange rates.

CEO Akbar Al Baker calls it a year of achievement in the face of adversity.

Qatar Airways also owns stakes in Air Italy, Cathay Pacific and other carriers.