Kenya Airways losses drops

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Kenya’s national carrier, Kenya Airways, has a recorded 20.5% drop in losses to Ksh3.8bn for the six months to September compared with the same period a year earlier citing reduced costs.
The carrier said its operating costs reduced from Ksh53.799bn to Ksh53.075bn during the same period under review. Other costs went down 8.1 % to Ksh 5.2 billion.
The reduction in costs made up for a flat top-line as Kenya Airways’ revenue reduced 0.4 % to close the period at Kshs 54.518 bn.

Kenya Airways is on a continuous improvement trajectory on its way towards returning to profitability,” KQ’s CEO Sebastian Mikosz said, adding, “We have kept our fleet costs in check. Going forward, we look to grow our routes strategically.”
He said the airline is extremely cautious about its cash spending.

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Kenya Airways, 27 percent-owned by Air France KLM , has been reducing the size of its fleet, selling non-core assets including land and cutting jobs to try and turn itself around after being hit in part by a tourism slump in Kenya following attacks by Somali Islamist militants.

Finance Director Dick Murianki told an investor briefing that total revenue fell to 54.748 billion shillings ($541 million) in April-September, from 56.72 billion shillings a year ago, but the carrier’s pre-tax losses narrowed to 4.73 billion shillings from 11.86 billion shillings a year ago. Passenger numbers rose 4.2 percent to 2.2 million.

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