Qatar Airways expects to report a substantial loss in its last financial year ending March 2018, according to CEO Akbar al-Baker.

The loss, the extent of which Al-Baker did not reveal, strongly contrasts with the airline’s consistent double-digit growth over the past few years. The carrier’s net profits in the previous fiscal year amounted to QR1.97bn ($541m), up 22 per cent compared to the figure reported in 2016.

Al-Baker blamed the loss to the ongoing regional dispute that banned the airline from flying into 18 cities across four Arab countries, London-based news agency Reuters said in a report.

The CEO said they would need eight more weeks to finalise their books and announce their official financial results.

The number of passengers flying through Hamad International airport, Qatar Airways’ hub, is understood to have fallen by approximately 36 per cent to reach 23.7 million in 2017.

This estimate is based on the overall figure released by Hamad International indicating it has processed a total of 120 million passengers since 2014, when the new airport opened.

Previous data maintained by MEED indicates the airport processed 28 million passengers in 2014, 31 million in 2015 and 37.3 million in 2016.