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Qatar Airways Reports Net Profit of $1.21 Billion for Fiscal Year 2022-2023

Net profit for the fiscal year 2022-2023 stood at 4.4 billion riyals ($1.21 billion), Qatar Airways said
Net profit for the fiscal year 2022-2023 stood at 4.4 billion riyals ($1.21 billion), Qatar Airways said
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Qatar Airways Reports Net Profit of $1.21 Billion for Fiscal Year 2022-2023

Net profit for the fiscal year 2022-2023 stood at 4.4 billion riyals ($1.21 billion), Qatar Airways said
Net profit for the fiscal year 2022-2023 stood at 4.4 billion riyals ($1.21 billion), Qatar Airways said

Qatar Airways has reported a record annual revenue of 76.3 billion riyals ($21 billion), underpinned by a higher customer base after the Doha-based carrier hosted the FIFA World Cup as its official partner and airline.

Net profit for the fiscal year 2022-2023 stood at 4.4 billion riyals ($1.21 billion), the company said in a statement, when the airlines carried 31.7 million passengers, a 71% jump year-on-year.

The airline recorded a load factor of 80% and yields, both the highest in the company's history.

During the World Cup, Qatar Airways operated about 14,000 flights, bringing in more than 1.4 million fans to the Gulf country.

The airline could expand its number of destinations by more than 255 from 170 under plans for rapid growth, CEO Akbar Al Baker said in May, but its ability to do so depends on the delivery of additional aircraft.

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Starbucks Strike to Expand to over 300 US Stores on Christmas Eve, Union Says

Starbucks employees, union members and supporters strike outside of a Starbucks store which is closed down due to the strike on December 23, 2024 in New York City. (Getty Images/AFP)
Starbucks employees, union members and supporters strike outside of a Starbucks store which is closed down due to the strike on December 23, 2024 in New York City. (Getty Images/AFP)
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Starbucks Strike to Expand to over 300 US Stores on Christmas Eve, Union Says

Starbucks employees, union members and supporters strike outside of a Starbucks store which is closed down due to the strike on December 23, 2024 in New York City. (Getty Images/AFP)
Starbucks employees, union members and supporters strike outside of a Starbucks store which is closed down due to the strike on December 23, 2024 in New York City. (Getty Images/AFP)

A strike at Starbucks' US stores will expand to over 300 stores on Tuesday, with more than 5,000 workers expected to walk off the job, before the five-day work stoppage ends later on Christmas Eve, the workers' union said.

Starbucks Workers United, representing employees at 525 stores nationwide, said more than 60 US stores across 12 major cities, including New York, Los Angeles, Boston and Seattle, were shut on Monday.

Talks between Starbucks and the union had hit an impasse with unresolved issues over wages, staffing and schedules, leading to the strike.

The Christmas Eve strike on Tuesday was projected to be the largest ever at the coffee chain, the union added. "These strikes are an initial show of strength, and we're just getting started," an Oregon barista said in a union statement.

When asked for a response, a Starbucks spokesperson referred to a company statement it released on Monday.

It said that the vast majority of Starbucks stores will continue to operate and serve customers, adding that it expects a "very limited impact" to overall operations. Starbucks has over 10,000 company-operated stores across the US.

"We are ready to continue negotiations when the union comes back to the bargaining table", the company said.

The Seattle-headquartered firm had previously claimed that the union delegates prematurely ended the bargaining session.

Earlier this month, the workers' group rejected an offer of no immediate wage hike and a guarantee of a 1.5% pay increase in future years.

The union also said that Starbucks has yet to present its workers with "a serious economic proposal."