Kenya Airways: Kenya's National Carrier Reports $ 293M Loss
Headlines Africa
Welcome
Login / Register

Kenya Airways: Kenya's National Carrier Reports $ 293M Loss

Thanks! Share it with your friends!

URL

You disliked this video. Thanks for the feedback!

Sorry, only registred users can create playlists.
URL


Added by Headlines Africa in Kenya
450 Views

Description

Kenya's flag carrier, Kenya Airways has reported a pretax loss of 293 million dollars for the year to March 2015. This was much wider than the 48 million dollar loss reported over the corresponding period last year. The airline attributed the deficit to a slump in Kenyan tourism and losses from hedging after oil prices fell. Kenya Airways told an investor briefing earlier on Thursday that it had chosen Cairo-based African Export-Import Bank, Afreximbank to provide advise on capital raising and to arrange a 200 million dollar bridging loan. The airline, part-owned by AirFrance-KLM, and one of Africa's largest, has faced rising debts due to new plane purchases while Kenya's tourism industry, a key source of passengers, has slumped following a spate of Islamist militant attacks.

Post your comment

Comments

Be the first to comment