Aviation KQ halves losses as its stock closes at a year high at the NSE

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Kenya Airways posted a Sh4.7 billion loss in half year results ended September 30, 2016 down from Sh11.9billion posted in the same period last year.

  play KQ CEO Mbuvi Ngunze. The airline also recorded a Sh0.9 billion operating profit for the first six months ended September 30. (Reuters)

Kenya Airways posted a Sh4.7 billion loss in half year results ended September 30, 2016 down from Sh11.9billion posted in the same period last year.

The airline also recorded a Sh0.9 billion operating profit for the first six months ended September 30, compared to an operating loss of Sh2.2 billion in the previous period.

"Operation Pride"

According to the airline, the improvement of its operating performance was as a result of growth in cabin factor by 3.3 per cent during the period, with an increase in passenger numbers from 89,000 to 2.2 million and lower operating costs made by fleet rationalisation in line with the recovery strategy ‘Operation Pride’.

play A Kenya Airways plane taking off. The airline on Wednesday, October 26, 2016 closed at its highest level since August last year . (Kachwanya)

 

The strategy focuses on closing the profitability gap, refocusing the business model as well as optimising the capital of the company.

At the same time,  the airline’s stock closed at its highest level since August last year on Wednesday, October 26, 2016  at Sh6.75 a share.

This follows the announcement of the election of ex-Safaricom CEO Michael Joseph as its new board chairman.

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