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Don't have an account? Click here to register.Fastjet half-year losses widen
Mon, 30th Sep 2013 08:45
African low-cost airline Fastjet booked a wider interim loss after start-up losses associated with launching Fastjet Tanzania, but said it is confident in the potential of its long-term strategy.The London-listed group reported an operating loss before exceptionals of US$24.9m, including $13.3m of trading losses in the Tanzanian operation, in the six months ended June 30th compared to a loss of $2.1m a year earlier. Its Tanzanian operation reported an earnings before interest and tax (EBIT) loss of $9.1m in the first quarter and $4.2m in the second quarter, a 54% reduction quarter on quarter."These interim results include start-up losses associated with launching Fastjet Tanzania. Of particular note was that losses more than halved in Q2 compared to Q1. Our performance is expected to considerably improve in the second half of 2013," the group said in a trading update.Fastjet Tanzania achieved $81 revenue per passenger in June, almost double from January's rate of $46. "As our planned network expansion progresses and scale covers fixed operating costs, we fully expect fastjet Tanzania to become profitable," it said.Last week the airline was forced to postpone its inaugural international flight from Dar es Salaam in Tanzania to Johannesburg due to "unexpected administrative delays". "Once Tanzania is fully established and profitable we will turn our attention again to the South African market. Regional routes from South Africa to Sub-Saharan destinations lack effective competition and are both underserved and overpriced and ready for an alternative," it explained."Based on our success in Tanzania to date, fastjet is confident in the potential of its long-term strategy to become the pan-African low cost airline of choice." CJ
More News
4 Nov 2015 15:41
fastjet sees dip in passengers despite network expansion
(ShareCast News) - fastjet has seen a drop in passengers despite a recent expansion of its network. The Tanzania-based airline carried a total of 73,758 passengers in October, a drop of over 2,800 passengers from September. However, the airline has seen a 23% year-on-year increase in the number of
Read more29 Oct 2015 09:30
12 Oct 2015 08:01
Fastjet inches closer to flying in Kenya
(ShareCast News) - Fastjet's Kenya subsidiary has been granted an air service licence by the Kenya Civil Aviation Authority. The decision, announced on Monday, clears the way for the low-cost airline to take the next steps to operate domestic flights in Kenya. The AIM-listed company will now begin
Read more12 Oct 2015 07:30
8 Oct 2015 09:54
Fastjet signs sales deal with Emirates
(ShareCast News) - Fastjet and Emirates have signed a sales and distribution contract that will give passengers access to the African airline's growing route network. The AIM listed airline announced the agreement on Thursday, in which a bespoke link will be created between Emirates and fastjet's re
Read more7 Oct 2015 08:37
Fastjet gets licence to operate from Zimbabwe
(ShareCast News) - Low-cost airline Fastjet has been granted an Air Operator Certificate by the Civil Aviation Authority of Zimbabwe, which gives it a licence to operate both domestic and international routes within and from Zimbabwe. Fastjet Zimbabwe is now the second airline in the Fastjet network
Read more5 Oct 2015 08:50
Fastjet passenger numbers up 33pc year on year
(ShareCast News) - Fastjet has increased the number of passengers carried by 33% for the month of September compared to the previous year. The Tanzania-based airline revealed its passenger statistics for September on Monday. They showed a total of 76,595 passengers carried, representing 64% of avai
Read more28 Sep 2015 07:35
Fastjet takes delivery of first fully-owned aircraft
(ShareCast News) - African low-cost airline fastjet said it has received its first fully-owned aircraft. The AIM-listed company bought the Airbus A319 at a discount to the $15.5m (£10.2m) market value and took delivery last Wednesday. Fastjet chief executive Ed Winter said it was "the first (aircra
Read more