Qatar Airways 2015-16 net profit jumps 328 pct

DOHA, July 11 (Reuters) - Qatar Airways Group, the parent company of the Doha-based airline, reported a 328 percent jump in net profits at its airline operations on Monday.

The carrier, owned by the government of Qatar, posted a net profit of 1.6 billion riyals ($439 million) for the financial year to March 31, up from the 374 million riyals ($103 million) in profit recorded for the previous year.

It is the first time Qatar Airways Group has released its financial results, which have come under scrutiny after U.S (Other OTC: UBGXF - news) . airlines and their unions accused it of competing unfairly through state subsidies.

Qatar Airways has denied the allegations and said U.S. airlines are losing market share due to poor service.

In Monday's statement the airline said that at a group level it reduced its costs by 1.5 percent and increased its cash and bank balance by 54 percent, despite a growth in operations and an adverse movement in foreign currency exchange rates.

Qatar Airways plans to launch 17 new destinations in the current financial year, a figure that includes recently-launched services to Adelaide, Atlanta (BSE: ATLANTA.BO - news) , Marrakesh and Yerevan.

In May Qatar Airways raised its stake in International Consolidated Airlines Group, owner of British Airways, Iberia and Aer Lingus, to 15.01 percent and said it would consider acquiring more of the company over time. ($1 = 3.6411 Qatar riyals) (Reporting by Tom Finn; Editing by Greg Mahlich)