Business / Companies
Air Zimbabwe targets revenue increase for 2017
21 Feb 2017 at 10:34hrs | Views
Zimbabwe's struggling national carrier is targeting to increase revenue to 47 million U.S. dollars from 36 million dollars last year through efficient operations, chief executive Ripton Muzenda said Monday.
He told a parliamentary committee that the loss making Air Zimbabwe had been consistently reducing its losses since 2013 due to improved operational efficiency.
The national carrier reduced the loss by 11 percent in 2014, 28 percent in 2015 and 21 percent in 2016, Muzenda said, adding the airline was targeting to further reduce the loss by 30 percent in 2017.
The chief executive revealed that the national carrier was currently incurring a loss of 300,000 dollars per week.
The airline has been performing poorly over the years, weighed down by a 300 million U.S. dollars debt, an aging fleet and lack of funds to pay off creditors.
According to the government, the airline requires 1 billion dollars for recapitalization.
The government last year gave the airline the approval to find a suitable strategic partner to help revive its operations.
At peak, Air Zimbabwe flew to over 25 regional and international destinations but is currently plying regional routes in southern Africa due to lack of funds to expand its fleet.
Source - xinhuanet