Losses at Kenya Airways

admin
By admin July 21, 2016 13:51

Losses at Kenya Airways

National carrier Kenya Airways has posted a Sh26.2billion after tax loss for the full year ending March 2016 compared to a Sh25.7 billion after tax loss. The deeper loss has complicated the airline’s turnaround plan, which was begun last year that involves the sale of several aircraft, a prime plot near its headquarters in Nairobi’s Embakasi, the sale of one slot in the UK as well as job losses. The airline was forced to make these concessions in return for a government bailout package. Kenya Airways claimed it was starting to realise benefits from these cuts when it announced direct costs fell from Sh76billion last year to Sh67billion. But, despite selling off some aircraft, fleet ownership costs surged to Sh29.5billion from Sh25billion last year. The airline said its pre-tax loss reduced by 12.2% to Sh26 billion, however.

admin
By admin July 21, 2016 13:51