Kenya Airways reports significant reduction in operating loss in FY2016

Kenya Airways revenue up 5% - financial highlights for three months ended 31-Mar-2016:

• Revenue: KES116,158 million (USD1135 million), +5.4%;
• Costs: KES120,251 million (USD1175 million), -4.9%;
• Operating profit (loss): (KES4093 million) (USD40.0 million), compared to a loss of KES16,333 million (USD180.4 million) in p-c-p;
• Net profit (loss): (KES26,225 million) (USD256.2 million), compared to a loss of KES25,743 million (USD284.3 million) in p-c-p;
• Passenger numbers: 4.2 million, +1.2%;
• Load factor: 68.3%;
• Total assets: KES158,415 million (USD1548 million);
• Bank and cash balances: KES4827 million (USD47.2 million);
• Total liabilities: KES194,082 million (USD1896 million). [more - original PR]

*Based on the average conversion rate at KES1 = USD0.009769 for FY2016
*Based on the average conversion rate at KES1 = USD0.011044 for FY2016

Kenya Airways: "Going forward, the main focus of the company will be to build on the gains made in the airline's turnaround strategy, Operation Pride. Operation Pride's main planks are closing the profitability gap, refocusing the business model, as well as creating a sustainable financial structure." Source: Company statement, 21-Jul-2016.