Business highlights May 25 2017

Business highlights May 25 2017

KQ cuts losses by nearly 61%

Kenya Airways has announced a Sh16.2 billion decrease in its losses.

The airline has reported a Sh10.2billion pre-tax loss, down from Sh26.2 billion recorded last year.

Operating profit came in at Sh900 million from a loss of Sh4 billion last year while turnover fell by 8.5 percent to Sh106 Billion. Cabin Factor grew by 4% to 72.3% as passenger numbers also shot up by 5.4% to 4.5 Million. Cargo tonnage dropped 14.6 percent to Sh56.8 billion due to facing out of the wide body aircraft.

The airline also announced it will be taking more cost cutting measures in a bid to restore its lost glory.

Equity Bank’s net profit for Q1 2017 falls by 5%

Equity Bank has announced a five per cent decline in their pretax profits for quarter one of 2017.

The lender’s Chief Executive Officer (CEO) Dr James Mwangi said the bank’s net profit dropped to Sh4.83 billion after tax.

Addressing an investors’ meeting on Thursday morning, Dr Mwangi attributed the decline to turbulent economic times and Kenya’s stifled banking industry.

Mwangi said the banking industry was bearing the brunt of the recent drought and the resultant inflation, as well as the interest capping law.

He, however, said that there is still hope for the industry, terming the depressed global oil prices, growing diaspora remittances and the flourishing tourism sector as the industry’s silver lining.

Court orders NLC to halt construction of Sh21 billion wind energy project

The Environment and Lands Court in Malindi has suspended the construction of a multi-billion wind energy plant by Kenwind Holdings, a subsidiary of Belgian renewable energy giant, Elicio NV.

The court has ordered the National Land Commission (NLC) not to allocate any land to Kenwind until a case filed by American firm Cordisons International is determined.

Cordisons went to court to stop the investment, claiming that the 3,200 acres piece of land allocated to Kenwind overlaps the 11,100 acres on which they also plan to establish a wind power generation plant.

Cordisons said NLC had frustrated its plans and declined to award it land lease instruments to expedite the investment.

 

 

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