Post by Horth on Jul 30, 2015 12:28:18 GMT 3
Kenya Airways has reported a record Sh25.7 billion loss after tax attributable to competition from Middle East carriers and high operating costs.
The airline also blamed travel advisories that led to a slump in tourism, as well as runway closures for renovation, for eating into earnings for 2014/2015.
A conflict with pilots and crew has also significantly contributed to the loss.
“We have had turbulent times and this loss is obviously significant,” said Chief Executive Officer Mbuvi Ngunze. “It is, however, important to know that we have made significant investments at a time when the industry generally was going through had times.”
The airline has secured a Sh20 billion loan to avoid sinking into bankruptcy.
More to follow.
The airline also blamed travel advisories that led to a slump in tourism, as well as runway closures for renovation, for eating into earnings for 2014/2015.
A conflict with pilots and crew has also significantly contributed to the loss.
“We have had turbulent times and this loss is obviously significant,” said Chief Executive Officer Mbuvi Ngunze. “It is, however, important to know that we have made significant investments at a time when the industry generally was going through had times.”
The airline has secured a Sh20 billion loan to avoid sinking into bankruptcy.
More to follow.
Source: www.businessdailyafrica.com/Corporate-News/Kenya-Airways-reports-record-Sh25-7bn-loss/-/539550/2813746/-/d5g10fz/-/index.html