Kenya Airways announced a record net loss of Sh26.2 billion in the year ended March, widening the Sh25.7 billion net loss the year before.
KQ, as the airline is popularly known, suffered from a Sh9.7 billion foreign exchange loss and an acceleration of other costs including interest expenses.
Its revenue increased to Sh116.1 billion from Sh110.1 billion in the same period, trailing the increase in costs. The loss also saw the national carrier set a new record in wiping out shareholders’ equity, with the company’s net worth now at a negative Sh35.6 billion from the previous negative Sh5.9 billion.
Credit: Business Daily