Kenya Airways hopes to reverse financial losses into profits

Kenya Airways Chief Executive Officer Mbuvi Ngunze addresses the media during the release of the company's half year results at Intercontinental hotel, Nairobi, on November 12, 2015. He attributed the company's massive losses to several factors such as intense competition from Middle East carriers. PHOTO | SALATON NJAU | NATION MEDIA GROUP

What you need to know:

  • In March, KQ announced that it had recorded a pre-tax loss of Sh29.7 billion during the 2014-2015 financial year, compared to Sh4.8 billion loss posted in the 2013-2014 financial year.
  • Mr Ngunze attributed the massive loss to intense competition from Middle East carriers, volatility of exchange rates, terrorism and travel advisories as well as fluctuations in fuel prices.
  • Mr Ngunze said then that an elaborate plan, backed by its key shareholders, including KLM and the government, would turn around the airline’s fortunes.

National carrier Kenya Airways (KQ) upbeat of revival strategy sought after a turbulent year in 2015 marked by shareholders' despair and shocking losses.

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