FJET.L Share News (FJET)

Low-cost African airline Fastjet posted an increase in full-year losses after its businesses in Ghana and Angola were suspended.The group said the loss making Fly 540 businesses remain inactive, awaiting sale or closure.Revenues more than doubled to $53.76m from $26.12m, but losses before taxes jumped 36% to $44.2m from $32.4m. However, losses per share fell to 5.01p from 16.07p.Meanwhile, the airline terminated a managing contract with Easygroup, which cost the group $2.5m, driving losses up.Fastjet has seen a significant increase in the number of passengers in Tanzania, its core route, while its new airlines in Zambia and Zimbabwe are also growing.The Tanzanian division saw its average revenue per passenger rise 26% to $90 from $71 and saw a 64% increase in passenger carried.Chief executive Ed Winter said: "Fastjet continues on its path of expansion, with new routes in Zimbabwe and Zambia planned in 2015."I look forward to this coming year with great confidence as fastjet leverages its first mover advantage to the benefit of our customers and shareholders."WH Ireland analysts said the airline is "growing quickly and has the potential to become the major low-cost airlines in Africa", but a move into profit will be dependent upon "the company being able to open new routes and execute its strategic plan within projected time frames".Shares were up 0.88% to 115p on Tuesday at 14:48.