Kenya Airways reports loss of Sh3.8 billion for the Half Year Period ended Sept 2017 as revenue drops to Kshs 54.5 billion and the number of passengers increased slightly to 2.3 million. Operating profit grew by 52 per cent to Kshs 1,443 million, overheads down by 8.9 per cent, with a 20.5 per cent decrease in loss after tax. The loss was attributed to a rise in the airline’s operating profit from Sh949 million to Sh1.4 billion.
Speaking at the event, KQ chairman, Michael Joseph said, “Our key focus is growing sales and keeping a lid on costs. We have a good team now. We’ll probably have more people joining us to fill some gaps, rather than exits.”
Kenya Airways recently launched the New York route which is a strategic initiative that will require significant investment and will be longest flight in our network.
“KQ’s flight to New York is a key strategic plan for us and we are paying special attention to it. This will be our longest flight when launched,” remarked Sebastian Mikosz, KQ CEO.
The national carrier which has undergone several bottlenecks over the years is focusing over the next few months to grow a profitable network, winning key markets and improving our revenue structure.
Recently, Nairobi Stock Exchange (NSE) suspended the trading of Kenya Airways’ Sh7.9 billion worth of shares to allow for restructuring of the ownership and allow the listing of additional shares.