Headed for collapse: KQ reports a record Ksh29bn loss

National carrier Kenya Airways has posted record loss before taxation of Ksh29.7 billion, up from Ksh4.8 billion.

Financial results released today morning for the year ending June 30, 2015, show that the troubled airline had a turnover of Ksh110 billion for the year, the bulk of which was guzzled by direct operating expenses at Ksh76 billion and fleet ownership costs that amounted to Ksh25 billion.

This is the biggest loss in Kenya’s history and the amount almost equals Safaricom’s 2014 profit of Ksh32 billion. There were bad signs when Kenya Airways declared a Ksh12.5 billion pretax loss for the half-year ending September 2014. The government has intervened and given it a Ksh4 billion bailout. Below is the financial statement: