18th Nov 2013 10:37
LONDON (Alliance News) - African low-cost airline fastjet PLC Monday said it flew 33,778 passengers on its Tanzanian operations in October, and averaged a load factor of 70% even though it added capacity.
The company said it has now flown a total of 326,253 passengers over the 12 months to the end of October.
Including the Fly540 Kenya, Fly540 Ghana and Fly540 Angola the company inherited from Lonrho, fastjet flew 84,252 passengers in October, up from 51,619 a year earlier. The company is restructuring the Fly540 airlines.
Lonrho sold its remaining shares in fastjet last week.
"This is a logical and mutually beneficial parting of ways. Lonrho has not been involved in the business since it was bought and delisted in July 2013 at which time it decided to concentrate resources on its core operations. As previously announced, fastjet is working towards restructuring the legacy businesses it inherited from Lonrho," fastjet interim Chairman and Chief executive Ed Winter said in a statement.
Fastjet said it made 10% of its revenues from non-ticket sources in October, up from 7% in June. It also expects to start growing cargo revenues after recently launching a route between Dar es Salaam and Johannesburg.
"Our in-flight retail contract is performing very well and work is currently underway to offer a wider selection of services such as accommodation, car hire and insurance which will support this revenue growth," Winter said.
Fastjet shares were down 11.1% at 2.6 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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