Kenya Airways cargo revenues hit by decline in the pound

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Brexit’s wide-reaching implications have been felt by Kenya Airways Cargo, which saw revenues on its busiest route drop following the declining strength of sterling. The pound has plummeted by around 15% against the dollar since the 23 June vote, and cargo general manager Peter Musola told Air Cargo News this had hit the airline twice. Firstly, it brought major yield dilution when converting pounds into dollars – around 12% according to Mr Musola – and secondly, exporters paid in pounds have, together with forwarders, been pressuring the carrier to drop rates to make up for their currency losses.