Kenya Airways doubled losses to Sh. 8 Billion

Kenya airways profile. PHOTO | FILE

Kenya Airways has doubled the last years' loss. The airways had over sh. 8 Billion loss double of the last years' loss if Sh. 4 Billion. The government now want to disband the national airways following the unending troubles. 

Kenya Airways (KQ) has posted a pretax loss of Ksh.8.56 billion in its 2019 half-year earnings to June 30. This marks a more than double increase in losses for the airline which recorded a Ksh.4 billion loss for the same period last year.

"The expanded loss, which is against a recent trend of loss cutting by the carrier, is attributable largely to both increased operational costs and elevated impairment losses. 

"The switch from IAS 9 to IFRS 16 cost Ksh.1.5 billion with operational leases now being considered as assets in financial statements,” said KQ’s Chief Financial Officer Hellen Mathuka said.

" If we manage costs, we can manage the bottom line. Costs have always been our biggest concern,” said Kenya Airways Chairman Michael Joseph. 

 “We have to keep sweating our current fleet by being in the air more often. This is achievable by employing the same fleet for network expansion,” added Kenya Airways Chief Executive Officer Sebastian Mikosz.

The Kenya airline is once in bigger trouble than it was before. Some of the MPs want it to be under the Kenya Airports Authority. 

"The once called " the pride of Africa" now it's Pride of Losses, " Makadara mp Charles Kanyi said.