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