Kenya Airways posts net loss of KSh4.8bn in H1

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Kenya Airways recorded a net loss of Kenyan shillings (KSh) 4.79 billion ($55 million) in the first half of 2012, compared with a net profit of KSh2.03 billion in H1 2011.

Operating loss for the six months to 30 September totalled KSh5.53 billion, compared with operating profit of KSh1.02 billion last year.

Revenue declined by 9.3% to KSh49.8 billion, while total expenses rose 2.7% to KSh55.4 billion.

Fuel costs remain the airline's largest expense at 38.7% of total operating costs, though this is down slightly from 39.3% last year. The cost of jet fuel per gallon in US dollars has risen by 3.6% over the same period, Kenya Airways says.

Passenger revenue declined from KSh48.6 billion in 2011 to KSh43.6 billion this year, primarily due to decreased European passenger numbers, network-wide pressure on yields and the strong Kenyan Shilling.