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

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Added by Headlines Africa in Kenya


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.

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