Bloomberg News

Kenya Airways Gains First Day in 5 After Sales Forecast

October 17, 2011

Oct. 17 (Bloomberg) -- Kenya Airways Ltd. gained for the first day in a week after Business Daily reported sub-Saharan Africa’s third-largest airline forecast increased sales in the year through March.

The stock advanced 3.8 percent to 25 shillings by 2:24 p.m. in Nairobi.

The airline’s revenue will climb to 120 billion shillings ($1.2 billion) on increased demand in Africa and Asia, the Nairobi-based newspaper cited Chief Executive Officer Titus Naikuni as saying. A weaker shilling will also raise the airline’s revenue, he told Business Daily.

The shilling has depreciated 20 percent against the dollar this year, according to data compiled by Bloomberg. In June, the airline said sales in the 12 months to March 2011 were 85.8 billion shillings.

--Editors: Ana Monteiro, Peter Branton

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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