Kenya Airways 2010/11 profit leaps, outlook rosy

Kenya Airways (KQNA.NR) on Thursday posted an 87.3 percent surge in full year pretax profit, helped by growth in both passenger and freight sectors and said it remained bullish about the outlook with new routes expected.

Kenya Airways, one of Africa's largest carriers and 26 percent owned by Air France-KLM (AIRF.PA), said pretax profit for the year ended March 31 leapt to 5 billion Kenya shillings ($58.11 million) from 2.67 billion shillings a year earlier.

Revenues increased to 85.84 billion shillings.
"We are still bullish. We are looking at opening new routes ... meaning we have an opportunity to increase our revenues even further," Chief Executive Officer Titus Naikuni told an investor briefing.

The airline, which carried more than 3 million passengers during the period compared with 2.7 million passengers last year, said it would recommended a dividend of 1.50 shillings, 50 percent higher than the previous year.

The airline has had good growth since the first half of 2000 on the back of new routes to underserved African markets from its Nairobi hub.
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