Kenya Airways blames record $332m loss on Covid-19
Kenya Airways has made a record net loss of $332m (£241m) in 2020, compared to $118 million the previous year.
The 179 per cent increase in loss has been attributed to a complete shutdown in international air travel due to the Covid-19 pandemic.
The national carrier reported that passenger numbers reduced by 65.7 per cent to 1.8 million in the reported year, leading to a $473m loss in revenue.
“The Covid-19 outbreak in 2020 was beyond anyone’s prediction and its impact on the industry is expected to continue affecting air travel demand for the next two to three years,” said the airline’s chairman Michael Joseph.
The airline laid off 650 workers last year, put the remaining staff on pay cuts, sold assets and redirected some passenger planes to cargo business.
The International Air Transport Association (IATA) predicts that African airlines could lose up to $6bn in revenues, affecting 172,000 aviation sector jobs in 2020.