Kenya Airways has sunk deeper after he reported a sh 36.2 billion loss for the ended year December 2020, the biggest loss in the airline’s history.
Its revenue shrunk by nearly 60 percent to sh52.8 billion as the covid -19 pandemic took toll on the national carrier. Its passenger number numbers dropped by 65.7 percent to 1.8 million in the year under review. This saw its customer revenue shrink from 103.6 billion to 33.7 billion.
Its comprehensive losses worsened by a further sh 5.1 billion loss on hedged exchange differences on borrowings and another sh4.8 billion was lost on fuel related hedges.
This pushes the total comprehensive loss for the airline which made a loss of sh12.9 billion in a similar period last year to sh46.2 billion which is five time the 8.8 billion.
The loss comes at a time when the government advanced a sh10 billion bailout package to keep the airline afloat as it pursues its nationalization.