fastjet reports 2013 financial results

fastjet has released its audited final results for the year ended 31 December 2013 as well as its operational highlights of 2014 so far.

fastjet group revenue increased by 154% from $21.0 million to $53.4 million of which $26.0 million is attributable to Tanzania in 2013. The group had an operating loss before exceptionals of $47.6 million, of which $21.9 million is attributable to Tanzania.

The average 2013 revenue per passenger rose from $46.30 to $95.20.

Up to now in 2014, fastjet has disposed of Fly540 Kenya, launched its second international route between Tanzania and Zambia and announced its third international route from Tanzania to Zimbabwe. The carrier has also launched a new domestic route in Tanzania and increased capacity on existing routes.

Ed Winter, CEO and interim chairman, commented, “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,” he added. “The disposal of Fly540 Kenya is a hugely significant step that allows us to fully pursue our expansion in East Africa.”

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