Home ECONOMY Kenya Airways issues profit warning

Kenya Airways issues profit warning

by biasharadigest

Kenya Airways says earnings for the current financial year is likely to dip at least 25 percent lower than what it reported in the same period last year.

Through a statement, Chairman Michael Joseph says profitability was constrained by increased competition which affected ticket pricing.

Joseph further lays blame on the adoption of the new International Financial Reporting Standard in 2016 which requires significant adjustments to both profit and loss statements and balance sheets for the current year.

In the first half of the year ending August, the airline recorded a pretax loss of 8.56 billion shillings compared to a loss of 3.99 billion shillings in during the same period last year.

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