Kenya Airways announces net loss of Ksh.4B in half-year results

Kenya Airways posted a Ksh.4billion half-year net loss that the airline said is due to increased fuel prices.

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It is however an improved loss compared to Ksh.5billion posted for the same period last year.

“Some of the key challenges we are experiencing are fuel price, economic growth variation volatile exchange rates and repatriation of funds,” said CEO Sebastian Mikosz said.

A statement from the airline indicated that the price per barrel has been on an upward trend since beginning of this year closing at USD74 (Ksh.7452) as at June 30.

This, the airline says represents an increase of 12 percent in global fuel prices within the first half of the financial year.

Last year, during the same period, Kenya Airways announced it had cut its loss after tax by 21 per cent to Ksh3.8 billion as at September 30.

The Airline continues to operate in highly competitive environment as Chairman Michael Joseph says it is committed to enhancing its service delivery.

“We want to bring more opportunities in Kenya by improving connectivity. KQ is a strategic asset to our country. From a business and operation point of view we have seen improvement for the last six months,” Joseph added.