US$1bn or bust for Kingfisher as Kenya Airways suffers

You may recall that at the start of 2012 we stated that this was going to be a hard year for Kenya Airways and so it is proving to be as the airline has posted a massive 333% fall in profits to a pre-tax loss of Sh6.5bn in its first half-year ending September 30, 2012, from a Sh2.8bn pre-tax profit posted for the same period last year. The reason for our call in January was the gaining strength of the Kenyan Shilling and the obvious willingness of the Kenyan government to do nothing to counter the advance of the same.