June 26 African budget airline Fastjet Plc's revenue more than doubled as lower fares lured a large number of first-time flyers.
The London-listed company, which aspires to be the first pan-African low-cost carrier, said revenue rose to $53.4 million in the year ended Dec. 31 from $21 million a year earlier. Average revenue per passenger more than doubled to $95.20.
Fastjet said pricing on its Tanzanian domestic routes had come under pressure due to "irrational pricing behaviour" from competing carriers Precision Air and Air Tanzania.
However, the company added that it did not see this as a long-term threat as it was combating the pressure by increasing the frequency of its flights in the region.
Shares in fastjet, which names easyJet Founder Stelios as an investor, closed at 1.65 pence on the London Stock Exchange on Wednesday. (Reporting by Esha Vaish in Bangalore; Editing by Gopakumar Warrier)