THURSDAY, JULY 30, 2015 | www.x-news.co.ke
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MPS TO SUMMON CABINET SECRETARIES IN NEW GRAFT ALLEGATIONS
NATIONAL ASSEMBLY’S PUBLIC ACCOUNTS COMMITTEE CHAIRMAN NICHOLAS GUMBO SAYS THEY WILL SEEK TO UNEARTH THE TRUTH BEHIND ‘DISTURBING’ REPORT BY THE AUDITOR GENERAL
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Kenya Airways posts record Sh26bn loss I
nvestors are angry after Kenya Airways reported a record Sh25.7 billion loss after tax. Kenya Airways chief executive officer Mbuvi Ngunze attributed the loss to competition from Middle East carriers and high operating costs.
He also blamed travel advisories and runway closures for renovation, which he said have eaten into the company’s 2014/2015 full-year earnings. “We have had turbulent times and this loss is obviously significant. It is, however, important to know that we have
made significant investments at a time when the industry generally was going through hard times,” he said. The loss represents a 661 percent decline from last year’s Sh3.3 billion loss. CONTINUED ON PAGE 2
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Grounding: A Kenya Airways plane at the Jomo Kenyatta International Airport and (inset) KQ Chief Executive Offiocer Mbuvi Ngunze. The airline has reported a record Sh25.7 billion loss in the 2014/2015 financial year.
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