KQ posts Sh25.7b loss as carrier flies into heady winds – VIDEO
Kenya Airways has reported one of the biggest loss in the region in the 2014/15 financial year ending March.
The national flag carrier reported a Sh25.7 billion net loss attributed to stiff competition from Middle East carriers and slump in the tourism industry.
The company had made a loss of Sh3.38 billion in 2014 and Sh7.86 billion loss the previous year.
“We have had turbulent times and this loss is obviously significant. It is however important to know that we have made a significant investments at a time when the industry generally was going through hard times,” Kenya Airways CEO Mr Mbuvi Ngunze said.
The flag carrier has since secured a loan of Sh20 billion to avoid sinking into complete bankruptcy.
Industrial relations with pilots and crew has also significantly contributed to the loss position.
The management has previously defended the move to acquire the new fleet of aircrafts.