Kenya's troubled national carrier, Kenya Airways, said that its losses for last year more than doubled to $290-million.
The airline has been running losses for years, despite the government pumping in millions of dollars to keep it afloat.NAIROBI - Kenya's troubled national carrier, Kenya Airways, said that its losses for last year more than doubled to $290-million, the worst results it has posted in its history.
Full-year losses for the period ended December 2022 were 38.3 billion Kenyan shillings , up from $120-million a year earlier, the carrier said, blaming high fuel costs and a weakening Kenyan shilling. "If you remove the impact of the forex losses and the abnormal fuel cost increase at 160 percent, we would have made an operating profit," the airline's CEO Allan Kilavuka said on Twitter.Revenue increased by 66 percent but was still five percent below pre-pandemic levels.
Under the plan to nationalise the carrier, it would have been exempt from paying taxes on engines, maintenance and fuel.
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