30th Jul 2019 10:34
(Alliance News) - African low-cost airline Fastjet PLC said Tuesday its interim loss has improved amid growing passenger revenue.
For the six months ended June, the pretax loss narrowed 51% to USD4.5 million as revenue rose 36% to USD19.7 million. Revenue per available seat kilometre surged 38% to USD12.04 from USD8.73 the year prior.
"It is pleasing to note the improved results for the first half, seasonally the weakest period of the year, as they illustrate the positive impact the company's stabilisation efforts have had on the financial performance of the business," outgoing Chief Executive Nico Bezuidenhout said.
In early July, Bezuidenhout announced he would step down as boss of the firm at the end of September. Deputy CEO Mark Hurst will replace him as acting boss until a permanent appointment is made.
"Whilst the stabilisation process, now concluded, was no-doubt painful, it is encouraging to see the benefit in improved financial results and a stronger foundation for the future," Bezuidenhout continued.
Shares in Fastjet were 1.7% lower at 1.45 pence in London on Tuesday.
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FJET.L