How Much Does Kenya Airways Need For A Bailout?
By Reuters
07 August 2015 |
12:56 am
Kenya Airways, which reported a record loss in its year ended March, may require a $500-600 million bailout, the Kenyan finance minister said on Tuesday. Profit at the carrier, which is part-owned by AirFrance-KLM, lost 29.71 billion shillings ($294.30 million) before tax during the year. Debts climbed and shareholder equity turned negative. The losses were…
Kenya Airways, which reported a record loss in its year ended March, may require a $500-600 million bailout, the Kenyan finance minister said on Tuesday.
Profit at the carrier, which is part-owned by AirFrance-KLM, lost 29.71 billion shillings ($294.30 million) before tax during the year. Debts climbed and shareholder equity turned negative.
The losses were driven by a slump in Kenyan tourism caused by frequent Islamist militant attacks, at a time when the carrier had taken on debts to buy new planes.
Related
10 hours ago
To improve electricity supply across Africa and reduce dependency on expatriates from Europe and other continents, Nigeria is currently training several personnel in Southern and Western countries.
10 hours ago
The Alternative Bank and TK Tech Africa are poised to transform the landscape of financial technology and non-interest banking with their innovative $500 million digital Sukuk initiative.
1 day ago
Eighteen years after the Federal Government approved the development of seven Inland Dry Ports (IDPs) across the country, only two are operational. According to the Nigerian Shippers’ Council (NSC), the two functional IDPs are the Dala Inland Dry...
1 day ago
President of the Nigerian-American Chamber of Commerce (NACC), Adebola Williams, has regretted that despite Nigerian goods being sought after overseas, the country keeps losing millions of dollars yearly for rejected goods.
1 day ago
The Federal Government has said it is planning to put a total ban on the importation of syringes into the country to promote local production.To this end, the National Agency for Food and Drug Administration and Control
1 day ago
The Amalgamated Union of App-Based Transporters of Nigeria (AUATON), Lagos chapter, has officially called off the proposed protest against the impasse over the data-sharing agreement between the Lagos State Government
1 day ago
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has described as commendable the clearance of a $7 billion foreign exchange (FX) backlog by the Central Bank of Nigeria (CBN).
1 day ago
The federal government through the National Agriculture Development Fund (NADFund) has provided N1.6 billion as a recovery package to farmers affected by the ginger blight epidemic ravaging farms across the country.
1 day ago
Chairperson of the Senate Committee on Local Content, Natasha Akpoti-Uduaghan, has urged the Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, to help facilitate access to global markets for Nigerian businesses...
1 day ago
Efforts to restore Internet services fully to pre-March 14 outages in Nigeria and 12 other affected countries have been increased as about two and a half terabytes of capacity have been restored; over 100 links are now functional while...
×
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.
0 Comments
We will review and take appropriate action.