Kenya Airways has cut its loss after tax by 21 per cent to Sh3.8 billion as at September 30, 2017, down from a Sh4.78 billion net loss reported during the same period last year. However, the airline recorded a slight drop of 0.42 per cent in revenues from Sh54.75 billion recorded in 2016 to Sh54.52 billion. The announcement comes days after the government converted the airline’s debt into equity, giving it a controlling stake in KQ. The conversion brought government’s shareholding to 48.9 per cent, with KLM owning 7.8 per cent, a drop from the initial 26 per cent. The funds, now standing at approximately Sh2.1 billion, cannot be recovered due to foreign exchange constraints and defaults by bad debtors.

Source: The Star November 17, 2017 20:26 UTC