Kenya Airways posts USD98 million loss for 2016

Kenya Airways

Kenya Airways, the country’s national carrier is cutting down its losses but the airline still has a lot of work to do.

The company has just posted a USD98.84 million pre-tax loss for the year end to March. On a local currency basis, the company’s loss is approximately 10.2 billion shillings.

“We still have our tough times but we are looking up,” Dick Murianki, the airline’s acting finance director, told an investor briefing.

Total revenue for the full year declined to USD943.1 million compared to USD1,015.3 posted in 2015.

Dennis Awori, Chairman of the group said: “Losses have emerged again due to regional conflict and competitive challenges. Breakeven load factors are relatively low, as yields are a little higher than average and costs are lower. However, few airlines in the region are able to achieve adequate load factors, which are the lowest globally at 56% in 2015 and 2016. Performance in the region is, however, improving at a slow pace”.

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