The fall in cargo is due to lack of aircraft not lack of business...
Narrow-bodied aircraft like E-170s & smaller 737s are designed for passengers not cargo. Since the 767s + 777s were busy with South Africa, there was a drop in cargo.
Also increased number of passengers means less space for cargo...
What worried me is:
Within Africa but excluding Kenya, total enplanements totalled 449,033 indicating growth of 11.2% compared to a 12.1% capacity growth, thus the resultant passenger cabin factor of 60.5% remained at par with prior year’s level.That is very low... A move to 67% would be wonderful... So which destinations are flying empty? And what is KQ doing to fill them up?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett