Cash-strapped Fastjet forecasts marginal profit in 2019

Fastjet reported a narrower Q1operating loss Tuesday and said it expected to be marginally profitable in 2019, after a cash crunch nearly drove it into administration last year. The airline has faced numerous issues related to its dwindling cash pile and was saved from going under after striking a deal to raise funds late last year. Fastjet was also forced to divest operations in Tanzania, its home market, after battling tough trading conditions there. "Whilst these cost-cutting measures were at times painful, our newly-sized operations provide Fastjet with a materially enhanced strategic position to pursue the growth opportunities on offer on the continent," CE Nico Bezuidenhout said. The company reported a Q1 underlying net operating loss of about US$0.2m, excluding a one-off item of $6.2m related to its Zimbabwe operations. <br/>