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Kenya Airways (KQ) on Wednesday announced that it anticipates more than 25 per cent lower earnings for the period ending December 31, 2019 when compared to 2018 citing increased competition in the industry.
Michael Joseph, Chairman Kenya Airways says, “Although Kenya Airways realised improved revenue growth in the year, profitability was constrained by the increased competition in the airline area of operations which in turn has increased pressure on pricing in order to remain competitive.”
In addition, the adoption of new IFRS 16 rules in 2019/has required significant adjustments to both the profit and loss statement and balance sheets of the current financial year.”
