Kenya Airways has posted a KSh7.55 billion (UShs279.68bn) net loss for year ended December 2018 as higher costs offset a jump in revenue, Daily Nation reports.
The carrier’s full-year results do not have a comparable period because KQ, as the airline is known by its international code, in 2017 changed its reporting period from ending in March 31 to now end on December 31.
However, KQ had made a net loss of KSh6.41 billion in the 9-month period between April 1 and Dec 31 2017.
The company’s revenue in 2018 hit KSh114.18 billion, largely driven by passenger bookings. Its revenue in the previous 9-month period stood at KSh80.7 billion.
Its total operating costs stood at Sh114.87 billion in the period under review.
“Fuel, personnel and the cost of aircraft remain the top three drivers of airline costs contributing to about two thirds of total operating cost for the airline,” chairman Michael Joseph said in a statement.
The carrier also cited fuel costs, which rose 73.6 percent to KSh33 billion, as a major challenge.