Kenya Airways anticipates Ksh53 billion loss this year

By BBC On Sat, 27 Jun, 2020 12:44 | < 1 min read
The airline recorded a $122m (Ksh13 billion) net loss in 2019 attributed to higher operating costs. [PHOTO | FILE]
The airline recorded a $122m (Ksh13 billion) net loss in 2019 attributed to higher operating costs. [PHOTO | FILE]
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    The airline recorded a $122m (Ksh13 billion) net loss in 2019 attributed to higher operating costs.

Kenya Airways expects to lose over $500m (Ksh53.3 billion) this year as a result of business disruption caused by the coronavirus pandemic.

The airline says it expects to have to make painful decisions, including laying off staff and selling off key assets, besides seeking to secure more than $70m (Ksh7.5 billion) in an emergency bailout to stay afloat.

CEO Allan Kilavuka told the BBC that a restructuring plan is awaiting board approval, with the company working on a strategy to diversify its business away from passengers to cargo.

The airline recorded a $122m (Ksh13 billion) net loss in 2019 attributed to higher operating costs.

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