Kenya Airways reported a net profit of KES4.10 billion (US$61 million) for its fiscal year ended March 31, down 15.1% from net income of KES4.83 billion in the prior year, blaming "increased competition, higher fuel prices and the adverse impact of a weaker US dollar" for the drop.

Revenue lifted 11.3% to KES58.79 billion but expenses climbed 13.8% to KES51.15 billion, producing an operating profit of KES7.64 billion, a 2.8% decrease from KES7.86 billion last year. Fuel expenses rose 20.2% to KES15.89 billion.

The airline is set to take delivery of two E-170s within the next two months, with a third slated for delivery next year. It noted that it will replace the 737-800 lost in this month's crash in Cameroon that killed all 114 onboard "as soon as a suitable aircraft is available". Meanwhile, two Saab aircraft that were planned to be sold later this year will be retained to replace the -800's capacity.

KQ carried a record 2.6 million passengers for the 12 months, up 9%, on a 13.7% lift in capacity. Load factor was down 0.6 point to 73.6%. It noted that passenger yield was flat in US cents but declined 3.8% when translated into KES.