Kenya Airways Ltd narrowed its pretax loss by 12.2 percent to 26 billion shillings in the year to end-March, it said on Thursday
KQ, the Kenya National carrier announced a Sh26.2 billion loss today for the year ended March 2016 which is an increment from loss of Sh25.7 billion the airline had announced in 2015.
The airline had reduced its operating loss from sh 16.3 billion to 4.1 billion during the period but despite the efforts to recover the compacting from sinking dent, with revenues increasing to sh 116 billion
Speaking while releasing the results, Kenya Airways Chief Executive Officer Mbuvi Ngunze remained optimistic the airline had laid the groundwork needed to take the airline back to profitability.
The carrier, which is part-owned by Air France KLM , had posted a pretax loss of 29.71 billion shillings ($292.6 million) in the previous year, hurt by a slump in tourism and the cost of renewing its fleet.
Dick Murianki, the airline’s finance director said gross profit improved during the period, showing the company was firmly on a turnaround footing.
“We have taxied and we are aligned for take-off,” he told an investor briefing. ($1 = 101.5500 Kenyan shillings) (Reporting by Duncan Miriri; Editing by Gopakumar Warrier and Biju Dwarakanath)