Low-cost African airline
Fastjet has reported increased operating losses of $30.5 million in the first half of
the year (through June 30, 2014).
The figure included $13.9 million in losses in its core Tanzanian operation.
The airline made a total operating loss of $25 million in the same period a year
earlier.
The loss came despite a
96% rise in first half revenues to $19 million with a 41.5% rise in passenger
numbers from the Tanzania-based business.
A further $13.5 million
“adverse effect” came from loss-making arms Fly540 Ghana and Fly540
Angola where services remain suspended pending a restructuring.
Fastjet Tanzania
aircraft utilisation increased from 5.5 hours to 7.9 hours per aircraft per day
during the period and reached 9.9 hours per aircraft per day by the end of
August, on track to achieve the target of 11.5 hours, the airline said.
Chief executive and
interim chairman Ed Winter said: "We are delighted to have seen a steady
increase in the number of passengers travelling on core Tanzanian routes, with
revenue growth of 96% against the same period last year.
"Strong underlying
traffic growth in the first half of 2014 continues to demonstrate that
Fastjet's low-cost airline model works in the African market.
"This growth in
traffic underpins our belief that people across Africa are increasingly
embracing the travel opportunities offered by Fastjet's safe, reliable, and
great value product, with a high percentage of first time flyers.”
He added:
"Additional services from our Tanzanian base in Dar es Salaam to Lusaka,
Harare and Entebbe, linking these land-locked countries to the port of Dar es
Salaam, have proven successful and are performing well.
“Although these routes
are in their infancy, there is every indication that these will develop into
valuable routes for the Fastjet Tanzania pan-African network. Prior to
these routes being launched there were no direct air services linking Dar es
Salaam with either Harare or Entebbe.
"During the period,
we added additional revenue streams to the business mix including car rentals,
hotels and car parking and early indications suggest that these services are
proving popular with our customers.
"Fastjet continues
on its path of expansion, leveraging our first mover advantage to the benefit
of our customers and shareholders."
The full staement can be accessed here:Interim Results for the six months ended 30 June 2014
Source: www.travelweekly.co.uk