Kenya Airways Cuts First Half Losses

October 27, 2016

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Kenya Airways reduced its first half pre-tax loss to KES4.73 billion shillings (USD$46.64 million), down from KES11.856 billion, on increased passenger numbers and lower costs.

Total revenue for the six months to September 30 was KES54.75 billion shillings (USD$540.4 million), down from the KES56.72 billion reported last year. Operating costs were down to KES53.8 billion shillings from KES58.896 billion.

The airline said its Operation Pride turnaround strategy continues to be its main focus. As part of the strategy the airline wants to close the profitability gap, refocus the business model on Africa, and achieve financial stability.

One initiative of Operation Pride is a fleet reduction programme, with seven fewer wide-body aircraft in the fleet helping reduce ownership costs by 35 percent.

“One of our key goals of Operation Pride is to improve our results and we are on course… We now operate a leaner but efficient airline,” Kenya Airways chief executive Mbuvi Ngunze said.

(Airwise)