FEATURED STORY

Kenya Airways records Sh6.1bn 9-month loss

Share
Share

Kenya Airways has announced a Ksh 6.1 billion net loss for the nine month period ended December, as it continues to restructure its operations.

The national carrier continues to bank on improved operating efficiency to cut its losses.

This saw Kenya Airways operating profit during the nine month period stand at Ksh 1.3 billion.

The airline is changing its financial calendar year to sync with the calendar year following a capital restructuring exercise.

Kenya Airways chief executive officer Sebastian Mikosz said during the investor briefing that the airline continues to feel the pinch from rising fuel costs which he said could put pressure on profitability.

During the period fuel costs rose 14%.

 Kenya Airways also suffered from long electioneering period in 2017 that saw domestic travel numbers drop by 20%.
READ: The pretty ladies taking the battle to matatu goons

“2018 will be a difficult year for us with stiff competition by other players in the industry and volatility in global oil prices,” Mr Mikosz said.

Kenya Airways Chairman Michael Joseph however told investors that the airline is now better positioned to cope with both domestic and global aviation challenges.

The airline is optimistic it will shrink its loss further, with the launch of direct flights to the United States in October as well as joint venture deals aimed at improving route efficiency.

Credit: Citizen Digital 

Written by
BT Correspondent -

editor [at] businesstoday.co.ke

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

PAST ARTICLES AND INSIGHTS

Related Articles
KQ Holidays 1
BUSINESS

Kenya Airways Relaunches KQ Holidays Through Europe Partnership

Kenya’s national carrier, Kenya airways (KQ), has partnered with European based TUI...

KQ planes at the JKIA airport.
BUSINESS

KQ suspends Nairobi–New York flights amid severe US weather

Passengers travelling between Nairobi and New York have been affected after Kenya...

KQ planes at the JKIA airport.
BUSINESS

KQ announces flight delays up to 4 hours at JKIA

Flight disruptions at Jomo Kenyatta International Airport (JKIA) are deepening, with Kenya...

nick hughes M Pesa founder
BUSINESSTECHNOLOGY

 Inside the Origin of M-Pesa and the Controversial Role of UK Techie Nick Hughes

The success of M-Pesa, steered by CEO Michael Joseph, transformed Kenya, a...