KQ narrows loss to Sh9.9 billion on aviation recovery
National carrier Kenya Airways has trimmed its six months for the period ended June 30 by 14 percent to Kes9.9 billion from Kes.11.5 billion.
The airline said a recovery in the global air travel business greatly helped the company to cut its losses in the second quarter of this year even as high fuel costs dragged its performance.
Costs for the airline, however, went up by 49 percent at Kes58 billion, Kes1 billion more than it spent in 2017, driven largely by higher fuel costs in the period.
KQ Board Chairman Michael Joseph noted that the opening of borders around the world has led to quick rebounds in some of the flag carrier’s top destinations.
“We continue to focus on the restructuring process that started at the end of last year. We aim at structurally reducing our overall costs of operation and optimizing our network,” said Mr Joseph.
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In the period under focus, the carrier recorded a 76 percent uptick in revenues to close at Kes48.1 billion from Kes.27.4 billion previously.
“Our focus is that we strengthen our operational resilience through innovation and diversification to deliver great and reliable services to our customers,” CEO, Allan Kilavuka said.
KQ has been one of the state-owned enterprises in the country benefiting from bailouts from the Treasury with the latest being Kes20 billion slotted which is in the pipeline.
