African low-cost carrier (LCC) Fastjet has posted an operating loss of $47.6 million in 2013.
The Tanzania-based LCC has suffered the loss in spite of average revenue per passenger growing from $46.30 to $95.20,
Group revenue rose by 154% to $53.4 million from $21 million.
CEO Ed Winter said: "2013 was a very significant year for fastjet with the company proving the low cost airline model in Tanzania works. In the first half of 2014 we have built upon that foundation and continued to grow, moving towards our vision of becoming a true pan African low cost airline. Our recent succesful fundraise moves us even closer to that goal, and I am delighted with the encouraging response we received from the market generally, and Fastjet shareholders specifically, demonstrating support for our strategy and vision."
He added : "The disposal of fly540 Kenya, which was announced yesterday, is a hugely significant step that allows us to fully pursue our expansion in East Africa. Our experience to date confirms our long-held view that people across Africa are embracing the opportunities offered by Fastjet's reliable, safe and great value air travel. The combination of the management team's experience in Africa and Fastjet's stronger financial position means that we are now ready to continue our expansion and leverage our first mover advantage to the benefit of passengers and shareholders alike."