Kenya's national airlines is upbeat despite posting $61 million net loss

Kenya Airways (KQ) is upbeat despite posting a Sh6.1 billion ($61m) after tax loss for the nine months ended 31 December 2017.

Speaking during the announcement of Kenya Airways full year financial results, KQ CEO and Managing Director Sebastian Mikosz choose to be optimistic and said the airline had lowered its after tax losses from 10 billion shillings ($100m)in 2016 to 6.1 billion ($61m) in 2017.

Mr. Mikosz also announced that the airline was planning to acquire more planes to serve its widening network ahead of planned rollout of daily flights between Nairobi and New York this October

“The airline which is majority owned by the Kenyan government with 49 percent plans to buy more aircrafts to serve its widening network with plans to introduce direct flights to Cape-town and Mauritius,” he said.

The airline which has changed its financial year from end of March to December to sync with the calendar year attributed the loss to higher fuel costs and the negative impact of a prolonged electioneering period.

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Fuel costs, which went up 14 per cent in the period, remain the biggest hurdle to KQ's profitability.

The airline will be recalling its Dreamliner from Oman Air to serve Nairobi - New York route.

Mr. Mikosz said that the full financial impact of the new US route will be felt in 2019, adding he expects a revenue boost of between 8 and 10 per cent.