African low-cost carrier Fastjet has issued its second profit warning in less than three months, citing “prolonged and challenging market conditions”.
The troubled airline warned investors that its 2016 results would be “materially below market expectations” and said it doesn’t expect to report a positive cash flow for the year.
It also confirmed it is considering reducing certain routes in its network in order to adjust to present demand.
However, Fastjet played down fears over its future by confirming it had access to enough finance to meet its future operational requirements.
In a statement, the airline said: “Fastjet remains confident in its low-cost airline model and is well positioned to capture the significant growth potential of the developing African aviation market.”