Despite halving their operational costs, Precision Air is deeper in the red thanks to the weak Tanzanian Shilling and a 17 percent drop in passengers in the past financial year.
A loss of 91.6 billion TSH was recorded, an increase of nine percent from 83.8 billion TSH in 2015.
During the same period, the airline says they managed to reduce their operating costs from 53 billion TSH to 25 billion TSH.
“These results were achieved in an extremely tough aviation context in which airlines are confronted by unpredictable currency fluctuations, volatile fuel prices and insecurity,” says Precision Air’s CEO Sauda Rajab.
Over the past year, Precision Air had four aircraft in operation, while seven will be operational by mid-September.