Kenya Airways falls into the red in 1HFY2013, expects full-year profit to decline by over 25%

Kenya Airways revenue down 9% - financial highlights for six months ended 30-Sep-2012:

• Revenue: KES49,832 million (USD591.7 million), -9.3% year-on-year;
  • Passenger: KES43,645 million (USD518.3 million), -10.2%;
  • Cargo: KE4913 million (USD58.3 million), +14.4%;
• Total costs: KES55,365 million (USD657.4million), +2.7%;
• Operating profit (loss): (KES5533 million) (USD65.7 million), compared to a profit of KES1019 million (USD12.1 million) in p-c-p;
• Net profit (loss): (KES4788 million) (USD56.9 million), compared to a profit of KES2034 million (USD24.2 million) in p-c-p;
• Passenger numbers: 1.0 million;
• Load factor: 72.9%;
• Total assets: KES93,917 million (USD1115 million), +21.3% when compared to period ended 31-Mar-2012;
• Bank and cash balances: KES13,874 million (USD164.7 million), +102.8% when compared to period ended 31-Mar-2012;
• Total liabilities: KES63,307 million (USD751.7 million), +16.4% when compared to period ended 31-Mar-2012. [more - original PR]

*Based on the average conversion rate at USD1 = KES84.2139 for the period

Kenya Airways: "Though the second half is expected to be much better, we believe that it will not be able to lift us past the Sh6 billion comprehensive loss we have made in the first half. So based on capital markets guidelines, we issue a profit warning because we believe our full year results will be lower by more than 25% compared to last year," Alex Mbugua, CFO. Source: Africa Review, 06-Nov-2012.