Kenya Airways said that its pretax loss narrowed by 15% in the first half of the year helped by higher passenger and cargo revenue as borders reopened with an easing of Covid-19 restrictions.
The airline reported a pretax loss of 9.861bn shillings ($82.35m) versus a loss of 11.542bn a year earlier. Revenue in the first half rose 76% from a year earlier while operating costs increased 53%.
Kenya Airways executives told a briefing that fuel prices were a major cost driver, noting the pretax loss would have been 3.328 billion shillings at last year’s fuel prices. The company’s chief finance officer said the airline did not hedge on jet fuel in the first half but does sometimes and continues to review market developments.—Agencies