AFRICAN budget airline Fastjet has widened its pre-tax loss for 2014, despite doubling its revenue during the year.
Losses including the discontinued businesses of Fly 540 in Angola and Ghana were up to $72m (£46m). Operating loss before exceptionals was $30.7m.
Fastjet reported that its core Tanzania operation had an 106 per cent increase in full year revenues to $53.8m. This was helped by an 85 per cent improvement in aircraft utilisation, and a 62 per cent increase in seats flown, critical in the low cost airline model.
The carrier, which has received backing from Easyjet founder Stelios Haji-Ioannou, is now looking to expand into Zimbabwe and Zambia.
Chief executive Ed Winter said: “Strong underlying traffic growth during the year continues to demonstrate that Fastjet's low-cost airline model works in the African market.”
Shares in Fastjet on Aim, closed 0.86 per cent up yesterday at 115p.