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Kenya Airways on Wednesday announced a 4 billion shillings ($39 million) loss after tax in its half year 2018 results. The loss comes against the backdrop of various challenges facing the airline such as fuel prices, economic growth variation, volatile exchange rates and repatriation of funds.
“Some of the key challenges we are experiencing are fuel prices, economic growth variation, volatile exchange rates and repatriation of funds. We are mitigating this by putting in measures to counter positively,” Chief Executive Officer Sebastian Mikosz said during a media briefing in Nairobi.
He lamented that the lowest earnings before interest and taxes margins are in Africa; that “despite growth in GDP, the market is not growing.”
“This is a signal that we need to analyze how the market is evolving,” he added.
Despite the losses, Mikosz said that the airline has carried 2.3 million passengers, achieved a cabin factor of 75.9 percent and on time performance of 82 percent within the last six months.
Passenger revenue is up by 6 percent; there is a tremendous decrease in loss after tax by 28.8percent; passenger numbers are up by 6.6 percent and cargo uplift has gone up by 13 percent, he added.
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