Gist Coven

Kenya Airways has narrowed its half-year net loss to Ksh3.8 billion ($36.7 million) compared to Ksh4.8 billion ($46.2 million) for a similar period in 2016, on reduced costs. The national carrier's operating profit for the six months ended in September rose by 52 per cent to Ksh1.44 billion ($13.9 million) from a year earlier. The airline reduced its overheads by 8 per cent to Ksh5.2 billion ($50 million) in the period, which saw its revenues decrease by 0.4 per cent to $526 million. "We have kept our fleet costs in check. Going forward, we look to grow our routes strategically. We shall be extremely cautious about our cash spending," chief executive Sebastian Mikosz told investors at a briefing in Nairobi on Friday. Passenger numbers grew by 3.3 per cent to 2.31 million with intra-Africa traffic improving by 6.7 per cent. However, Kenya's political uncertainty had had a dampening effect, Mr Mikosz said. Restructuring KQ shares were suspended from trad...