National carrier, Kenya Airways (KQ) has cut its losses for the year to March by nearly 61 percent to Sh10.2 billion compared to a loss of Sh26.2 billion posted in the previous year.
The airline also announced it will be taking more cost cutting measures aimed at steering it back to profitability.
Operating profit came in at Sh900 million from a loss of Sh4 billion last year while turnover fell by 8.5 percent to Sh106 Billion. Cabin Factor grew by by 4% to 72.3% as passenger numbers also shot up by 5.4% to 4.5 Million. Cargo tonnage dropped 14.6 percent to Sh56.8 billion due to facing out of the wide body aircraft.
Over the period, the airline reported currency losses of Sh 4.1 Billion.
Kenya Airways Outgoing CEO Mbuvi Ngunze "Alot of people had buried KQ but KQ is stronger now than it was 2 years ago"
— Kenyanwallstreet (@kenyanwalstreet) May 25, 2017
The airlines’s chairman said, “Expect more improvements and announcements especially in operational and financial matters.”
Kenya Airways also announced that the new CEO, Sebastian Mikosz will take over from Mbuvi Ngunze in a week’s time on Thursday 1st June 2017.