Kenya Airways Posts a Sh10Bln Pretax loss

National Carrier, Kenya Airways posted a pretax loss of 10.83 billion shillings ($126.8 million) for the 2012/2013 financial year ended March 31.

Speaking to the press on Friday, KQ Managing Director Titus Naikuni attributed the decline to the euro-zone debt crisis, anticipated unrest during Kenya's presidential elections, and a string of grenade attacks in the country.

He added that the turnover reduced from $1.26 billion in 2011/2012 to $1.15 billion in 2012/2013.

However, the airline management is confident of a recovery with peaceful elections in Kenya and the region, lower oil prices and the easing of tensions in neighboring Somalia.

KQ Finance Director Alex Mbugua has also indicated plans to add two cargo planes in order to satisfy the growing demand as well as addition of three new destinations that include Livingstone in Zambia, Abu Dhabi in the United Arab Emirates and Blantyre in Malawi.