Kenya Airways posts massive $252m loss

Kenya Airways has reported a record Sh25.7 billion ($252m) loss after tax attributable to competition from Middle East carriers and high operating costs.
The airline also blamed travel aisories that led to a slump in the tourism industry, as well as runway closures for renovation, for eating into the company’s 20142015 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 had times,” said Chief Executive Officer Mbuvi Ngunze.
The flag carrier has secured a Sh20 billion loan to avoid sinking into complete bankruptcy.
The airline’s troubled relations with pilots and crew have also significantly contributed to the loss.
Below are the full year net earnings for the airline in the last 5 years:
2011-3.53bn profit
2012-1.66bn profit
2013-7.86bn loss
2014-3.38bn loss
2015-25.7bn loss