Kenya Airways reveals fuel hedging losses

Juliette O'Neill
By Juliette O'Neill August 17, 2016 16:49

Kenya Airways reveals fuel hedging losses

Kenya Airways has revealed it has lost Sh4.1 billion to oil hedging contracts in the year ending March 2016. It lost Sh7.4 billion in the previous year while it made Sh942 million, Sh602 million and Sh2.5 billion gains in 2014, 2013 and 2012 respectively. Overall, the airline has made a Sh7 billion loss on a net basis to fuel hedging bets.

Chief executive Mbuvi Ngunze has confirmed that Kenya Airways has suspended fuel hedging going forward.

“My position is that we have put on hold new hedging contracts, no contract was entered this year. The existing ones were entered much earlier” he told Business Daily.

Juliette O'Neill
By Juliette O'Neill August 17, 2016 16:49