Fastjet faces continued turbulence as shares plunge

Fastjet shares have dropped after the carrier said it could need to raise money following a warning that this year could be below market expectations.
Time Aerospace thumbnail
Despite taking action to reduce operating costs, the carrier has said it no longer expects to be cash-flow positive for the year after prolonged challenges in the market.
 
Fastjet has however stated that it will be able to meet its operational requirements with USD20 million available from the end of last month.
 
"The company remains confident in its low-cost airline model and is well positioned to capture the significant growth potential of the developing African aviation market," is said.
 
Further measures are being implemented in order to manage costs.
 
This comes after shareholder Sir Stelios Haji-Ioannou calling for the board of directors to be fired last week.  

Related content