Kenya Airways holds altitude as recovery continues

August 31, 2018 in Companies, Foreign News by Editor

August 31, 2018 -Flag carrier Kenya Airways has continued its recovery, narrowing its net loss by 28.8pc to $40 million at the halfway point of 2018.

The result holds a positive trend as the carrier moves further from the record $260m loss it posted for the 2016 trading year.

The result, attributed to aggressive cost management and revenue growth, compares to a $55 million loss during 2017 H1. Savings were realised from fleet operations and staffing.

Revenue expanded 3.1pc to $517 million against a 41.3pc reduction in costs to $29 million.

Looking at H2, KQ says resurgent fuel prices represent a near term threat to margins. The global price per barrel of crude closed at $74 at the end of June representing a 12pc increase during the first six months of the year.