National carrier Kenya Airways has reported a loss of Sh 7.59 Billion for the 12 month period ended December 2018 from a loss of Sh 6.41 Billion reported in the nine month period ended in December 2017.
The airline attributed the loss to the high cost of fuel, high salaries and fleet ownership cost which account for nearly two thirds of the its operating costs.
Revenue for the 12 month period increased to Sh 114.45 Billion compared to Sh Sh 80.79 Billion reported during the 9 Month period ended 31 December 2017.
“Kenya Airways current liabilities exceeded Its current assets by KShs 101.540 million (31 December 2017: KShs 106.422 million). These events or conditions, along with other matters as set forth In note 2(e) of the audited financial statements Indicate that a material uncertainty exists that may cast significant doubt on Kenya Airways Pie’s ability to continue as a going concern.” Its auditors, Deloitte noted.
More to follow…….