Sir Stelios' Fastjet Reports Initial Profits
After being in business for two years, Sir Stelios Haji-Ioannou's African low-cost airline Fastjet, has just announced its initial profitable month.
Fastjet aims to be the first pan-African economic air company. In December, the ambitious air carrier experienced profits, due to a boost in holiday travels and decreased fuel prices. It announced yesterday that its shares increased 25%, resulting in a £18.3 million value, according to Daily Telegraph.
Fastjet was established in 2012 and markets itself as granting affordable flights within Africa, that offers much easier and swifter travel options. Since its creation, the airline has grappled due to large losses and expenses.
Fastjet's Chief Executive Ed Winter described, "The announcement of our first profitable trading month is a great achievement and a huge milestone on the road to becoming the first pan-African low-cost airline. We have already proven that the low-cost model works to stimulate traffic and we have now shown that it can create a profitable business."
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