National carrier Kenya Airways (KQ) Wednesday posted a Sh26.2billion after tax loss for the full year ending March 2016 compared to Sh25.7 billion last year.
The loss comes despite the turnaround plan which it started implementing last year with revenues up five percent to Sh116 billion.
The airline not only sold a prime parking slot in the United Kingdom as part of its turnaround plan but also sold several planes, a prime plot near it's headquarters in Nairobi's Embakasi.
Speaking while releasing the results, Kenya Airways Chief Executive Officer Mbuvi Ngunze attributed the losses to exchange rate fluctuations despite posting a revenue growth of 5 percent to Sh116 Billion and an increase in passenger numbers to Sh4.23 during the year under review.
He, however, said some of the strategies started to bear fruit when it cut its direct costs from Sh76billion last year to Sh67billion.