Kenya Airways posts Ksh 26.2B net loss for year ended March 2016

The fate of national carrier Kenya Airways sank into more turbulence after the airline reported a 26.2 billion shillings after tax loss for the  year ending march 2016.

The shocking result which was reported barely a week after the airline  embarked on a staff rationalization program that  will see over 600 employees laid -off came on the back of a sh 25.7 billion  after tax loss posted last year.

Kenya Airways  Chief Executive Mbuvi Ngunze attributed the loss to a 9.7 billion shillings foreign exchange loss and an acceleration of other costs including interest expenses.

The losses announced today come despite a painful turnaround plan which includes the sale of part of its fleet, staff lay-offs and ceding part of its stake to a strategic investor.