Business: KENYA AIRWAYS reports Billions of Losses

Kenya Airways has today reported Ksh8.56 billion net loss for the half year ending June 30, from a loss of Ksh4.03 billion recorded in similar period last year.

This is despite a slight growth in total income during the period which closed at Sh58.9 billion compared to Sh52.2 billion.

Kenya Airways chairman Michael Joseph during the release of the firm's half-year results on Tuesday, August 27, 2019.
Photo: COURTESY

Total operating cost edged up to Sh61.5 billion compared to Sh53.2 billion last years, cancelling gains made on income.

The management has linked the loss partly to the return in to KQ service of two Boeing 787s that were on sub-leasing to Oman Air, investment in mew routes and adoption of the new International Financial Reporting Standards (IFRS16).

Chairman Michael Joseph on Tuesday said the growth in revenues which went up by 12% was as a result of improved passenger, cargo and other revenue streams that were mainly driven by the positive performance of recently introduced routes.

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