Kenya Airways (#KQ) released their 1H18 results this morning before market open.

Loss after tax reduced to KES 4.0bn in 1H18 from a loss after tax of KES 5.7bn in 1H17.

Major Key Highlights;

– Total income increased by 3.1% y/y to KES 52.2bn, mainly attributed to an increase in passenger traffic and overall yield improvement.

– Direct operating costs increased by 13.9% y/y, mainly driven by an increase in global fuel prices – the period saw a 12% increase in global fuel prices.

– Operating loss stood at KES 1.0bn compared to an operating loss of KES 732m reported in 1H18.

– The company moved to a position of negative equity, KES4.0bn at the end of the period – currently NAV per share stands at KES -0.70.

The stock is currently trading at KES 10.60

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