Kenya Airways profit up

NAIROBI – Kenya Airways posted profits up 8,9 per cent for the first half of its financial year on Friday and said more efficient aircraft on order would help offset the effects of increased competition and high oil prices.

The airline, one of Africa’s few profitable carriers, said after-tax profit climbed to 2,4 billion Kenya shillings in the six months to September from 2,2 billion in the same period the previous year. Passenger numbers were up seven per cent at 1,3 million from 1,2 million in the first half of last year, and cargo tonnage grew 15 per cent.Overall revenues rose 12,3 per cent to 28,4 billion.Pushed by high global oil prices, fuel costs rose 26,3 per cent to 7,6 billion.”Fuel is now some 30.6 per cent of all our costs,” Group Finance Director Neil Canty said during the results presentation.”But this is typical for the industry.Thirty per cent is probably an average for most airlines currently.”Kenya Airways said it had ordered six Boeing 787-8 Dreamliner planes expected to be in service by 2010 and was expecting delivery of a fourth Boeing 777 in February.”Even before we get the 787-8 Dreamliners, we need to make sure that we keep building up our fleet to support any increased capacity,” said Titus Naikuni, the airline’s chief executive.Nampa-ReutersPassenger numbers were up seven per cent at 1,3 million from 1,2 million in the first half of last year, and cargo tonnage grew 15 per cent.Overall revenues rose 12,3 per cent to 28,4 billion.Pushed by high global oil prices, fuel costs rose 26,3 per cent to 7,6 billion.”Fuel is now some 30.6 per cent of all our costs,” Group Finance Director Neil Canty said during the results presentation.”But this is typical for the industry.Thirty per cent is probably an average for most airlines currently.”Kenya Airways said it had ordered six Boeing 787-8 Dreamliner planes expected to be in service by 2010 and was expecting delivery of a fourth Boeing 777 in February.”Even before we get the 787-8 Dreamliners, we need to make sure that we keep building up our fleet to support any increased capacity,” said Titus Naikuni, the airline’s chief executive.Nampa-Reuters