Kenya Airways posts Sh 10.5 bn loss in half year results
National carrier Kenya airways has announced a half year post tax loss of Sh 10.5 Billion. The airline has also warned that it might plunge further in to losses by the end of its current financial year.
Kenya Airways, KQ, has reported a Record Sh10.5 Billion Half-Year Loss after Tax
In his first presentation as Kenya Airways Chief Executive Officer, KQ’s group Managing Director Mbuvi Ngunze has attributed the loss to slowed revenue growth that failed to match the airline’s increase in capacity. Mbuvi said that KQ also had to contend with the impact of travel advisories on Kenya as well as the Ebola outbreak in West Africa.
Kenya Airways was forced to indefinitely suspend its flights to Ebola infested Liberia and Sierra Leone in August, a move that has costed the airline Sh 4 billion in ticket sales every month. Mbuvi Ngunze said that KQ will now focus its efforts on increasing sales, customer service and cost effectiveness.
Download the KQ Half Year Results from THIS link
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