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Kenya Airways has issued a profit warning expecting earnings to be lower by 25 per cent this year compared to same period last year.
The airline blamed the drop on competition in areas of operation.
“In addition the adoption of new IFRS rules of 2019 required significant adjustment to both the profit and loss statements and balance sheets for the current financial period,” said the airline Chairman Michael Joseph.
This comes barely days after the airline announced Allan Killavuka as the acting Chief Executive Officer effective January next year. He replaces Sebastian Mikosz. Allan is currently the Chief Executive Officer of Jambojet and will continue with his role until a substantive CEO of Kenya Airways is recruited and appointed.
