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Thursday, October 30, 2008

KQ has profitable 1H 2008-9

It has been a tough year for KQ since their busiest & most profitable quarter (1 April - 30 Jun) was severely affected by the post-election clashes as tourists & businessfolk canceled their flights to/from Kenya.

Hats off that KQ managed to pull together a profitable (though subdued) 1H 2008-9. The prospects for 2H seem encouraging with a weaker KES (90% revenues are in forex) & lower fuel prices. Unfortunately for KQ, the fuel hedges they entered into will reduce the benefits of lower fuel prices.

2008 has seen the demise of many airlines though mostly in USA which is a very competitive market. KQ on the other hand saw increased competition in 2008 from Fly540, Virgin & Air Uganda.

*** There was a major glitch at the NSE. Trading was supposed to start at 12.30pm

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