Home » Kenya Airways reports narrowing pretax loss by 15% in first-half as borders reopen, ET TravelWorld News, ET TravelWorld

Kenya Airways reports narrowing pretax loss by 15% in first-half as borders reopen, ET TravelWorld News, ET TravelWorld

by News Times USA


Kenya Airways reports narrowing pretax loss by 15% in first-half as borders reopen

Kenya Airways said that its pretax loss narrowed by 15 per cent in the first half of the year helped by higher passenger and cargo revenue as borders reopened with an easing of Covid-19 restrictions.

The airline reported a pretax loss of 9.861 billion shillings (USD 82.35 million) versus a loss of 11.542 billion a year earlier. Revenue in the first half rose 76 per cent from a year earlier while operating costs increased 53 per cent.

Kenya Airways executives told a briefing that fuel prices were a major cost driver, noting the pretax loss would have been 3.328 billion shillings at last year’s fuel prices.

Being one of the very few long-haul destinations open to Indian travellers, Betty Radier, CEO, Kenya Tourism Board, talks exclusively to ETTravelWorld, about how the board has been engaging with Indian travel trade and their plans for the India market.

The company’s chief finance officer said the airline did not hedge on jet fuel in the first half but does sometimes and continues to review market developments.

“The opening of borders around the world has led to quick rebounds in some key markets. Kenya Airways remains active in accommodating the travel recovery seen in the first half,” the airline said in a statement.

A restructuring process launched late last year aims to significantly reduce operating costs and optimise the network, it added.

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