Kenyan Airways to focus on Africa market to hit profitability

Source: Xinhua| 2017-11-17 23:38:23|Editor: Mu Xuequan
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NAIROBI, Nov. 17 (Xinhua) -- Kenya Airways said Friday that it will focus on the Africa market in order to reach profitability.

Kenya Airways Chief Executive officer Sebastian Makosz told an investor briefing in Nairobi that currently 40 out of its 53 destinations are in the African continent.

"We are essentially an intra-Africa carrier and we hope to tap into the growing aviation traffic in Africa over the next five years," Makosz said when the firm released its financial results for the half year ending Sept. 30.

Makosz noted that Africa's aviation sector is anticipated to be on an upward trajectory over the next five years as consumer spending in Africa continues to expand.

The chief executive said that the airline hopes to take advantage of Kenya's status as a regional hub for East and Central Africa in order to connect Africa to the rest of the world.

According to the Kenya Airways financial result for the period ended Sept. 30, the airline posted about 38 million U.S. dollars in losses after tax, an improvement from the 48-million-dollar losses experienced in a similar period last year.

Makosz noted that the reduction in losses was due to 52 percent increase in operating profit and a 21.9 percent decrease in fleet costs.

He added that in the same period under review, the number of passengers grew by 3.3 percent to hit 2.31 million.

The national carrier has been on a financial restructuring plan for the past 18 months in a bid to reduce debts and losses.

Early this week, its main creditors converted its debt into a 38.1 percent equity stake in the firm.