Wednesday, June 26, 2013

Kenya Airways - Citibank projects a massive loss in 2013-14

Citigroup projects the airline to post a net loss of Sh3.1 billion in the current financial year ending March 2014 on higher costs that will wipe out sales.
KQ’s sales are expected to rise 15.3 per cent to Sh114 billion but Citigroup says expenses such as direct costs and net interest payments will rise to Sh118.5 billion, offsetting sales.
The national carrier is projected to return to profitability in the year ending March 2015 with a net profit of Sh618 million, on which Citigroup does not expect it declare dividends.

Wow! The airline business is tough and as Warren Buffett has said... stay far, far away!

I&M Bank lists as I&M Holdings;_ylt=AwrNUPwGLctRPTkADQD_wgt.

I&M Holdings re-listed on 25th June 2013 after a Reverse Merger.

City Trust, a then listed entity on the Nairobi Securities Exchange, acquired I&M Bank Ltd by issuing CTL shares to the shareholders of I&M Bank Limited.

After CTL owned 100% of I&M Bank Ltd, it changed its name to I&M Holdings which encompasses various banking businesses/subsidiaries.

I&M Bank - Kenya (100%)
I&M Bank - Tanzania (55%)
BCR - Rwanda (55%)
Bank One - Mauritius (50% Joint Venture with CIEL)

Congrats the Board of I&M Bank.