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Fri 16 Sep 2011 03:26 PM

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Qatar Airways delays IPO amid global economic woes

CEO Al Baker had said the state-backed carrier was eyeing a listing in 2011

Qatar Airways delays IPO amid global economic woes
Qatar Airways plans to serve 120 destinations worldwide by 2013

Qatar Airways, the Gulf Arab state's flagship carrier, has postponed its planned initial public offering (IPO) in the wake of global economic uncertainty, Dow Jones Newswire reported.

Airline CEO Akbar Al Baker told the newswire the IPO had been pushed back, without clarifying a future date for the state carrier's trading debut.

Al Baker said in June that Qatar Airways was considering an IPO in 2011, following three consecutive years of profit.

"It could be this year. The more market share we gain, the timeline moves forward," Akbar Al Baker told reporters, adding that the airline had appointed advisors. "It will definitely be earlier than people expect.

"We made [net profit] of $205m for the 2009/2010 fiscal year and over $230m in 2010/2011. For the current fiscal year, my revenue is more than $6.5bn. This is why we are preparing the IPO."

Qatar Airways plans to serve 120 destinations worldwide by 2013, with a fleet of more than 120 aircraft.

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