Kenya Airways reports 12- month pre-tax loss

Kenya Airways posted a pre-tax loss of 7.59 billion Kenyan shillings ($74.93 million) in the 12 months ended December from a loss of Sh 6.41 billion reported in the nine month period ended in December.

The airline, which is 7.8 percent owned by Air France KLM, declared a loss of 6.30 billion shillings in April-December 2017.

The airline attributed the loss to the high cost of fuel, high salaries and fleet ownership which account for nearly two-thirds of its operating costs and changed its reporting period last year to coincide with the calendar year from the past when its financial year ran to the end of March.

Kenya Airways’ current liabilities exceeds its assets.

Kenya Airways posted a pre-tax loss of 7.59 billion Kenyan shillings ($74.93 million) in the 12 months ended December from a loss of Sh 6.41 billion reported in the nine month period ended in December.

The airline, which is 7.8 percent owned by Air France KLM, declared a loss of 6.30 billion shillings in April-December 2017.

The airline attributed the loss to the high cost of fuel, high salaries and fleet ownership which account for nearly two-thirds of its operating costs and changed its reporting period last year to coincide with the calendar year from the past when its financial year ran to the end of March.

Kenya Airways’ current liabilities exceeds its assets.