Fastjet announces full year loss
Low-cost African airline Fastjet, which is backed by easyJet founder Sir Stelios, has announced an operating loss of $47.6 million.
It said $21.9m of the deficit for the fullyear to December 31 was attributable to Tanzania.
The airline’s average load was 72%.
However, it said average revenue per passenger rose from $46.30 to $95.20 during 2013.
Yesterday the airline announced it had off-loaded the loss-making East African airline fly540 Kenya to one of its directors.
Chief executive Ed Winter said: "2013 was a very significant year for fastjet with the Company proving the low cost airline model in Tanzania works.
"In the first half of 2014 we have built upon that foundation and continued to grow, moving towards our vision of becoming a true pan African low cost airline.
"Our recent succesful fundraise moves us even closer to that goal, and I am delighted with the encouraging response we received from the market generally, and fastjet shareholders specifically, demonstrating support for our strategy and vision.
"The disposal of fly540 Kenya, which was announced yesterday, is a hugely significant step that allows us to fully pursue our expansion in East Africa.
"Our experience to date confirms our long-held view that people across Africa are embracing the opportunities offered by fasjet’s reliable, safe and great value air travel."
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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