Fastjet losses narrow following 'painful' stabilisation process
Fastjet has posted a narrower first-half loss following “painful” efforts over the past 9 months to balance its books. The airline was rescued from the brink of administration last year at the expense of its operations in Tanzania and now expects to turn a small profit this year. In a trading update issued Tuesday, the airline reported a post-tax loss of US$4.495m, down from $14.605m this time last year. Revenue, meanwhile, has increased 36% from $14.5m to $19.7m, largely driven by its acquisition last October of South African airline Fedair, which Fastjet said generated $5.8m new revenue, albeit offset by $5.6m fresh operating expenses. The update comes after Fastjet revealed – belatedly – last month a full-year loss of some $65m. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-07-31/unaligned/fastjet-losses-narrow-following-painful-stabilisation-process
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Fastjet losses narrow following 'painful' stabilisation process
Fastjet has posted a narrower first-half loss following “painful” efforts over the past 9 months to balance its books. The airline was rescued from the brink of administration last year at the expense of its operations in Tanzania and now expects to turn a small profit this year. In a trading update issued Tuesday, the airline reported a post-tax loss of US$4.495m, down from $14.605m this time last year. Revenue, meanwhile, has increased 36% from $14.5m to $19.7m, largely driven by its acquisition last October of South African airline Fedair, which Fastjet said generated $5.8m new revenue, albeit offset by $5.6m fresh operating expenses. The update comes after Fastjet revealed – belatedly – last month a full-year loss of some $65m. <br/>
