Shepherd
JF-Expert Member
- Dec 14, 2012
- 2,428
- 1,656
[h=5]Kwa Habari zaidi soma hapa kama ilivyo nukuliwa kutoka The Citizen Online.
Friday, July 31, 2015[/h] [h=1]"Kenya Airways posts record loss[/h]
[h=3]In Summary[/h] The loss widened the Ksh3.3 billion net loss the airline reported a year earlier, reflecting the impact of acquiring new aircraft on credit
By Edwin Okoth The Citizen Correspondent Nairobi. Kenya Airways yesterday reported a record net loss of Ksh25.7 billion (about Sh527.3 billion) in 2014/15 as capital expenditure and operating costs raced ahead of the airlines revenue growth.
The loss widened the Ksh3.3 billion (about Sh72.6 billion) net loss the airline reported a year earlier, reflecting the impact of acquiring new aircraft on debt.
KQs revenue increased 3.8 per cent to Ksh110.1 billion (about Sh2.422 trillion) despite a rise in passenger numbers, with the airline saying it was forced to cut fares in response to competition from Middle East carriers.
Its fleet ownership costs doubled to Ksh25.9 billion (about Sh569.8 billion) in the period while overheads rose 17 per cent to Ksh24.5 billion (about Sh539 billion).
KQ also provided for a Ksh5.7 billion (about Sh125.4 billion) loss from fuel cost hedging, which it says was unrealised in the period but could become due in the near future.
We have had turbulent times and this loss is obviously significant, said Mr Mbuvi Ngunze, the airlines chief executive.
It is, however, important to know that we have made significant investments at a time when the industry generally was going through hard times.
Mr Ngunze said KQ is set to draw down Ksh20 billion (about Sh440 billion) from Afrexim Bank to finance its working capital as it embarks on a long term strategy to return to profitability.
He said the airline is also relying on support from shareholders including the government and Dutch carrier KLM".
Source:The Citizen Online[h=5]Friday, July 31, 2015[/h]
Friday, July 31, 2015[/h] [h=1]"Kenya Airways posts record loss[/h]
[h=3]In Summary[/h] The loss widened the Ksh3.3 billion net loss the airline reported a year earlier, reflecting the impact of acquiring new aircraft on credit
By Edwin Okoth The Citizen Correspondent Nairobi. Kenya Airways yesterday reported a record net loss of Ksh25.7 billion (about Sh527.3 billion) in 2014/15 as capital expenditure and operating costs raced ahead of the airlines revenue growth.
The loss widened the Ksh3.3 billion (about Sh72.6 billion) net loss the airline reported a year earlier, reflecting the impact of acquiring new aircraft on debt.
KQs revenue increased 3.8 per cent to Ksh110.1 billion (about Sh2.422 trillion) despite a rise in passenger numbers, with the airline saying it was forced to cut fares in response to competition from Middle East carriers.
Its fleet ownership costs doubled to Ksh25.9 billion (about Sh569.8 billion) in the period while overheads rose 17 per cent to Ksh24.5 billion (about Sh539 billion).
KQ also provided for a Ksh5.7 billion (about Sh125.4 billion) loss from fuel cost hedging, which it says was unrealised in the period but could become due in the near future.
We have had turbulent times and this loss is obviously significant, said Mr Mbuvi Ngunze, the airlines chief executive.
It is, however, important to know that we have made significant investments at a time when the industry generally was going through hard times.
Mr Ngunze said KQ is set to draw down Ksh20 billion (about Sh440 billion) from Afrexim Bank to finance its working capital as it embarks on a long term strategy to return to profitability.
He said the airline is also relying on support from shareholders including the government and Dutch carrier KLM".
Source:The Citizen Online[h=5]Friday, July 31, 2015[/h]