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Kenya Airways Ltd Unaudited Half Year Results 30 September 2016

Kenya Airways 1H17 loss per share narrows 60%y/y to KES 3.20
Kenya Airways announced 1H17 numbers with loss per share narrowing 60%y/y to KES 3.20. Management noted a 4%y/y increase in passengers to 2.2m with cabin factor up 3.3% to 71.5%. The level of above 70% is similar to what it was before Kenya Airways brought in the new aircrafts during expansion. Overall, revenue declined 3.5%y/y to KES 54bn.
Operating costs were down 8.7%y/y with fleet ownership costs declining the most by 35.3%y/y. Direct costs reduced 5.9%y/y with overheads increasing 14.5%y/y. Overall, profit margins stood at 1.7%. Finance costs were up 7.9%y/y to KES 3.75bn. These accounted for 79.4% of the losses before tax in 1H17 compared to 29.3% in 1H16. Overall, management is keen on a turnaround strategy though financing remains the key concern we have on the company. (Company filing, Standard Investment Bank)

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