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Comair confirmed (14-Feb-2012) the following financial highlights for the six months ended 31-Dec-2012:
fastjet LCC seeks rapid South African market entry by foregoing JV control to Fastjet Holdings
Having abandoned plans to take-over failed South African LCC 1time, aspiring pan-African carrier fastjet has entered into a complex and controversial deal to gain access to the important South African market where it plans to launch services in Jul-2013.
But the London-listed carrier, which already operates in Tanzania, is coming under increasing pressure from its opponents to lift the veil on the ownership and management structure of its South African partnership designed to satisfy domestic ownership requirements.
Under the structure fastjet has reportedly given up 75% ownership to South African investment company Blockbuster, which has been renamed Fastjet Holdings. The company is reportedly fronted by the eldest son of South African President Jacob Zuma, playboy businessman and lawyer Edward Zuma, along with his business partner Yusuf Kajee.
Opponents, both rival airlines and politicians, allege Fastjet Holdings is little more than a front for fastjet to gain access to South African air rights through a separate arrangement with charter carrier Federal Air, which will operate the fastjet services using its operating licence.
South African Airways and Comair could face new LCC competitor following demise of 1Time
South Africa has lost two airlines this year with the collapse of low-cost carrier 1time on 02-Nov-2012 and short lived LCC start-up Velvet Sky in Mar-2012. The demise of the smaller carriers has in effect returned the South African domestic market to a duopoly of South African Airways and Comair and their respective subsidiaries.
SAA dominates the market with its main brand supported by LCC subsidiary Mango and regional subsidiary SA Express. Comair operates a full-service British Airways franchise and competes in the LCC market with its Kulula brand. The two groups probably have until about the middle of 2013 to consolidate their positions in anticipation of an inevitable new entrant, likely to come from former 1time executives who appear to be planning to launch new LCC Skywise early in 2013.