fastjet announces interim results for the six months ended 30th June 2015

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By TESTCustomwebLP TESTCustomwebLP September 30, 2015 19:38

fastjet announces interim results for the six months ended 30th June 2015

In the six months ended 30 June 2015, fastjet Group posted an operating loss before exceptionals of US$12.8 million (H1 2014 US$17.3 million) and an operating loss after exceptionals of US$12.8 million (H1 2014 US$19.8 million). The low-fares airline succeeded in raising US$75 million in equity during the period, significantly broadening the institutional shareholder base.

Fastjet Tanzania first half revenues were US$31.5 million compared to US$19.0 million in the year-ago period. The airline has experienced a 7% increase in average revenue per passenger to US$86.61 (H1 2014 US$81.69), and a 56% increase in passengers carried to 363,769. First half losses before tax was US$9.0 million, compared to US$13.9 million in the prior-year period.

fastjet Tanzania reports a 51% increase in aircraft utilisation (from 6.4 to 9.7 block hours per aircraft per day), a 56% increase in total capacity (seats flown) and 94% punctuality – (arrival earlier than or  within 15 minutes of schedule).
“Using the same assets as in H1 2014, three Airbus A319s, in H1 2015, through better utilisation we increased the number of seats flown by 56 per cent, total revenue increased by 66 per cent and  operating losses reduced by 26%; a great achievement,” said Ed Winter, fastjet Chief Executive Officer. “Since then, in Q3 2015, we have doubled the size of the fleet to six and are well on our way to having three bases, Tanzania, Zambia and Zimbabwe fully operational by the end of the year. This expansion of the fleet and network is particularly important in laying the foundations for profitable growth in 2016.

“Whilst we have seen these very significant improvements, African currencies have lost considerable value against the US dollar, which combined with a worldwide reduction in commodity prices, has caused an economic downturn in both Tanzania and Zambia. In addition, the start of operations in Zambia and Zimbabwe has been delayed into Q4. Accordingly the Board has downgraded its forecast for full year 2015 but is confident of meeting its expectations for 2016.”

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By TESTCustomwebLP TESTCustomwebLP September 30, 2015 19:38