Kenya Airways has posted a record Sh25.7 billion loss after tax attributed to high operating costs and competition from Middle East carriers.
The Airline also blamed travel advisories, particularly from the UK and United States governments. The advisories were issued due to security threats posed by the Al-Shabaab.
Speaking during the announcement of the loss, Kenya Airways Chief Executive Officer Mbuvi Ngunze had this to say:
“We have had turbulent times and this loss is obviously significant. It is, however, important to know that we have made significant investments at a time when the industry generally was going through hard times,”
Mr.Mbuvi Ngunze took over from Titus Naikuni at a time when Kenya airways had reported a net loss of Sh10.5 billion in 2014.
Though the national career got a Sh4.2 billion Treasury bailout this year, it’s now obvious the money will not rescue it.