DOHA (Reuters) - Qatar Airways said on Sunday its net profit rose 21.7 percent in its last financial year that ended in March, fueled by a strategy of investment and expansion.
The results came as the airline faces mounting pressures after Saudi Arabia, Egypt, the United Arab Emirates and Bahrain cut diplomatic and economic ties with Qatar.
Net profits rose to 1.97 billion Qatari riyals ($541 million) from 1.62 billion riyals in the previous year on revenue up 10.4 percent at 38.9 billion riyals.
In the previous financial year profits surged 328 percent, the first time it had revealed its financial result. (reut.rs/2rkcDrg)
Outside the restrictions caused by the diplomatic row, the airline said on Sunday it continued to operate the rest of its network as scheduled, making day-to-day adjustments for operational and commercial efficiencies.
"Our annual results once again reflect the success of our expansion and growth strategy that has seen the Qatar Airways Group grow from a small regional airline into an aviation powerhouse over the last two decades," Chief Executive Akbar Al Baker said in a statement.
In the last year Qatar Airways launched 10 new destinations and expanded its fleet to 196 aircraft.
($1 = 3.6410 Qatar riyals)
Reporting by Tom Finn; Writing by Saeed Azhar; Editing by Greg Mahlich