Fastjet losses triple; cash headroom ‘not large’
Fastjet’s losses more than tripled during the first half, and the airline said that although it has “sufficient resources” to keep chugging along until Sept 2017, “the headroom over available cash resources is not large”. Pre-tax losses ballooned to US$31.3m during the 6 months to June, up from $9.9m during the same period last year. The airline burned through almost all of its cash reserves during the last year, which fell to $3.8m June 30, down from $71m the same date last year. It has since managed to raise $20m through an open offer in August. This comes as a much needed boost to new CR Nico Bezuidenhout. As it looks to slash costs and turn itself around, the company is currently trying to flog the only aircraft it owns and is pursuing social media as “it offers a cost-effective promotional channel for generating ticket sales”. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2016-09-21/unaligned/fastjet-losses-triple-cash-headroom-2018not-large2019
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Fastjet losses triple; cash headroom ‘not large’
Fastjet’s losses more than tripled during the first half, and the airline said that although it has “sufficient resources” to keep chugging along until Sept 2017, “the headroom over available cash resources is not large”. Pre-tax losses ballooned to US$31.3m during the 6 months to June, up from $9.9m during the same period last year. The airline burned through almost all of its cash reserves during the last year, which fell to $3.8m June 30, down from $71m the same date last year. It has since managed to raise $20m through an open offer in August. This comes as a much needed boost to new CR Nico Bezuidenhout. As it looks to slash costs and turn itself around, the company is currently trying to flog the only aircraft it owns and is pursuing social media as “it offers a cost-effective promotional channel for generating ticket sales”. <br/>
