The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
That’s what the cost of acquiring Atr72 and disposable of same cost us.
https://twitter.com/thecitizentz/status/1142360192073551872?s=21
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Not giving up
Fjet picking up for Air Zimbabwe today
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Mom was meant to fly to Bulawayo via airZim this afternoon. I get a call while she was in transit to Jhb saying that the flight has been cancelled and they are putting them on a Fastjet flight via Harare. I was defeated pls.
Marksman, hope you are well, I’ve tried to copy and paste the report in full but no luck, try the link again as it’s still working.
Fastjet Zimbabwe advises all customers of the latest flight schedule changes. Click here for more details: bit.ly/2J7H4yy
Usually well informed sources have, to a good part, blamed Tanzania’s regulatory hurdles put in the way of Fastjet – eventually prompting the airline to withdraw from the market and leaving future private investment in the sector in that country highly doubtful – for the massive rise in losses for 2018.
In 2017 did the airline show a loss of 11.2 million US Dollars, but for 2018 that figure rose to a staggering 41.2 million US Dollars, the highest yet in the historyi of the company.
Official sources in turn point to extraordinary write offs and in particular to the one off cost element incurred as a result of raising the share capital of the airline.
Without these elements would the estimated loss however still reached 17.3 million US Dollars, showing the underlying challenges the self professed pan African low cost carrier has to master vis a vis their market entry into Mozambique and the challenges of operating in Zimbabwe.
The source also confirmed that Fastjet’s market entry in South Africa is expected to take place in 2020, taking advantage of a FedAir AOC.
Fossybeer
I prefer your option as opposed to mine!
Wing and a prayer, clearly it’s being looked at on a day to day basis.
No i don’t, they are implementing what was stated in the RNS, I’m concerned that Mozambique is now a difficult trading area with the arrival of Mozambique Ethiopian Airline who have deeper pockets than ours.
Fastjet Mozambique and national airline LAM have concluded a code share agreement, which will see the two airlines cooperate on several routes across the country.
First to come into effect will be the Maputo to Beira route, where the codeshare arrangements commence on 25th of February.
This will be followed soon thereafter by operationalising the code share arrangements on the routes from Maputo to Tete and Quelimane, which will launch in March.
It is understood that this arrangement could be expanded to include further routes, aimed to stem the loss of market share to a newcomer in the Mozambiquean skies.
The arrival on the scene of Ethiopian Mozambique has clearly sped up the cooperation talk between Fastjet and LAM, which was first floated a year ago but little has happened until the new carrier took to the air.
I wish to assure you all, that we are busy doing all that we can ensure that Fastjet Tanzania will start operating soon. It’s not an easy task but we have a dedicated team working full time. Once flying again in our beloved sky’s, we shall start the rebranding process.
Tues/wed/thurs
Reduction from four to three daily services.
https://twitter.com/zimbabwedaily/status/1094358184167440385?s=21
I have noticed a sharp reduction of flights out of Maputo, this despite the update from the company that operations were set to increase, my guess is that additional Airline Ethiopian Mozambique is having an impact on traffic, so much so that we have no schedule service on a Saturday, not looking good.
be required to apply for a new Air Services Permit (ASP) after its original one expired on January 3, the head of the Tanzanian Civil Aviation Authority (TCAA) has said.
Speaking to The Citizen newspaper, Hamza Johari said that the dormant LCC had failed to meet the air transport regulator's criteria, including payment of licence fees and the settlement of the debt it owes the TCAA. According to him, Fastjet owes the TCAA, other service providers, and assorted creditors a total of TZS7 billion (USD3.028 million). The regulator has since barred one of the E190s Fastjet had been leasing from GECAS - 5H-FJH (msn 19000167) - from being returned to the lessor pending full payment of its dues.
The TCAA grounded Fastjet in December last year citing a number of shortcomings including a lack of aircraft, frequent flight cancellations, and a lack of suitably qualified personnel.
On December 17, 2018, the TCAA gave Fastjet 28 days (i.e. until January 14, 2019) to resolve the oversights. Aside from addressing its capitalization woes, the regulator also required Fastjet to submit a robust business plan and to appoint a suitably qualified Accountable Manager.
However, Johari said the plan that Fastjet submitted on December 22 did not adequately prove, to the regulator's satisfaction, that the airline had sufficient funding to resume flights. Furthermore, Lawrence Masha, who acquired control of the airline from fastjet plc in November last year, had attempted to appoint himself as Accountable Manager despite being unqualified for the role.
The director general added that even after advising the airline to appoint a properly qualified person to the position by the January 14 deadline, Fastjet failed to do so.
"Fastjet requested for more time to prepare themselves so that they can sort out the matter. We agreed - and we are ready to advise them because our goal is to give room for locals to invest in the aviation industry so that we can have healthy, effective competition," he said.
"They will have to apply for a new licence if and when they are able and ready to do so. We are willing to give them all the support needed."
Masha was not immediately available for comment but has previously confirmed the search for new investors is underway.