KQ Posts a Net loss of 10 Billion Shillings

By Soko Directory Team / May 25, 2017




By Amina Faki

The National Carrier Kenya Airways (KQ) post 60.9 percent net loss worth ten billion shillings for the year ended March, an improvement from last years.

This is a great improvement compared 26.2 billion shillings loss that KQ incurred last year. It saw improvement in its profitability despites the revenue dipping 8.5 percent to 106 billion shillings due to lower yields per passenger and reduction in cargo capacity.

According to the KQ acting director Dick Murianki, the carrier’s cargo dropped by 14.6 percent to 56.8 billion shillings.

He added that over 100 employees were laid off which led to a reduction in the total operating costs by 2.5 billion shillings to 65.4 billion shillings.

Hopeful, Mr. Ngunze the outgoing KQ CEO who is set to be replaced by Polish national Sebastian Mikosz next week on Thursday, expects growth in the future, noting that it’s on the recovery path. He commented that the team he leaves behind is focused on turning around KQ’s growth though the Operation Pride turnaround plan.

Through the plan, Mr. Ngunze said that the national career will see its growth through the Operation Pride turnaround plan which involves initiative such as balance sheet restructuring, sale, and leasing of air fact, the sale of land and retrenchment.

Mr. Mbuvi Ngunze during the release attributed the growth to the addition of more routes and increased frequencies on the already existing.



About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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