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fastjet plc is the holding company for African airline Fly540, which operates in Tanzania, Kenya, Ghana and Angola. Flights under the fastjet brand commenced in Tanzania in November 2012. The airline has introduced Airbus A319s into its fleet. By adhering to international standards of safety, quality, security and reliability, fastjet...Read more
Fastjet says South Africa prime focus in coming monthsJune 03 2013, 7:10am
The airline said obtaining the rights to these routes where Fastjet wishes to fly had taken much longer than expected due to bureaucracy and protectionism.
“The strategy is therefore to create a series of airlines, all operating under the Fastjet brand, and meeting identical international standards of reliability, safety and customer service,” Fastjet said in a stock exchange statement.
“The flights for these airlines will all be sold on one website as a single brand, providing the consumer with a pan-African airline experience, and the airlines with a reputation and sales platform across the continent.”
Chief executive Ed Winter however said the Fly540 businesses acquired from Lonrho had all seriously underperformed relative to expectations with an underlying loss (EBITDA) from the continued Fly540 operations of US$17.8mln in the 18 months to December 2012.
Fastjet also took a raft of write-downs for Fly540 businesses in the figures and alongside other charges the pre-tax loss was US$55.3mln.
Because of the losses, cash outflow and also the lack of certainty over access to international routes, auditor KPMG qualified the figures though the directors said it has enough funding to continue operating for at least a year.
The airline recently signed a memorandum of understanding with Blockbuster, a South African investment company, to set up to operate a service between Johannesburg and Cape Town.
“South Africa is going to be one of the prime focus areas for Fastjet over the coming period, whilst we review and continue to restructure some of the smaller operations we have elsewhere in Africa,” Winter said.
“Discussions are also on going in a number of other African countries with a view to launching airlines under the Fastjet brand.”