Kenya Airways has reported a record Sh25.7 billion loss after tax attributable to competition from Middle East carriers and high operating costs driven in part by high level corruption mixed with NYS saga and money laundering.
The airline also blamed travel advisories that led to a slump in the tourism industry as well as runway closures for renovation for eating into the company’s 2014/2015 full year earnings. However, this is just a stupid excuse. The real reason for such a great loss is corruption, nepotism and interference by high priest of corruption driven by misconduct.
“We have had turbulent times and this loss is obviously significant. It is, however, important to know that we have made significant investments at a time when the industry generally was going through hard times,” said Chief Executive Officer Mbuvi Ngunze.
The flag carrier has secured a Sh20 billion loan to avoid sinking into complete bankruptcy.
The airline’s conflicts with pilots and crew have also significantly contributed to the loss.