Turnover growth continues for Fly540 as African expansion plans take off
Transport and mining conglomerate Lonrho Group, which owns a 49% stake in Fly540, reported a profit for the three months ended 30-Jun-2011 of GBP35.1 million, a 31.1% year-on-year increase. The Kenya-based low cost carrier achieved turnover growth of 25.6% in 3QFY2011 despite facing difficulties with high fuel prices and a delay in aircraft deployment. The carrier is on track to open its third hub in Ghana by Oct-2011. [1129 words]
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This report contains the following subheadings:
- Africa poised for good economic growth
- Revenue growth gets back on track
- Fly540 operates to five countries from Nairobi
- Fly540 Angola: establishment a "long and difficult procedure"
- First hub in western Africa slated for Oct-2011
- Avoiding competition from international carriers
This report contains the following charts and tables:
- Fly540 route map
- Projected Annual GDP Growth, 2011-2030
- Fly540 revenue growth: 1QFY2010 to 3QFY2011
- Nairobi Jomo Kenyatta International Airport capacity (seats per week, to/from) by carrier (25-Jul-2011 to 31-Jul-2011)
- Fly540 Angola fleet data
- Fly540 Tanzania route network
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