Kenya Airways expects to lose $500million this year

June 26, 2020 6:48 PM

Kenya Airways is anticipating losing over $500million in 2020 as part of the effects of the COVID-19 pandemic.

Kenya Airways plane

The Chief Executive Officer (CEO) of Kenya Airways, Allan Kilavuka told BBC that because of the anticipated loss, the airline would have to make hard decisions.

These painful decisions include laying off staff and selling off key assets even as the airline secures more than $70m in an emergency bailout to stay afloat.

Mr Kilavuka said that a restructuring plan has been developed and awaiting board approval.

He said the company will mainly be working on a strategy to diversify its business away from passengers to cargo.

The airline recorded a $122m net loss in 2019 attributed to higher operating costs.

Magdalene Teiko Larnyoh A feminist at heart and a lover of art. She loves to write on business, politics and health.

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