6.1 BILLION KENYA SHILLINGS LOSS AS KENYA AIRWAYS ALIGNS FINANCIAL AND CALENDAR YEAR
(Posted 22nd March 2018)
Kenya Airways yesterday announced a loss of 6.1 billion Kenya Shillings for the financial year 2017, which at the same time was brought in line with the calendar year. Previously did the financial year of the airline end on 31st of March, making the deep red figures only reflect 9 months of business.
The share price of Kenya Airways had the day prior of the announcement already taken another hit, indicating that some shareholders may have anticipated the airline’s failure to write black figures again for the first time since 2012 and dumped their shares.
During the event yesterday morning did the airline also confirm the introduction of a premium economy class section in their long haul aircraft over the next one or two years. They also confirmed, as was speculated here repeatedly before, that in order to launch their nonstop flights to New York later this year they would have to recall two Boeing B787 Dreamliners from Oman Air ahead of schedule. No answers were given if Oman Air would agree to that or has already agreed to the recall, leaving an element of doubt lingering over these plans.
Chairman Michael Joseph was also reportedly reacting badly when questions were raised about a team of Polish ‘consultants’ to the airline who were initially only supposed to serve for a short period but were apparently retained for the longer term.