Rex warns of further fall in profit

Rex warns of further fall in profit
By admin

Regional Express is expecting its 2013 profits to be worse than previously forecast.

The carrier said the government’s “slew of draconian measures”, which includes the carbon tax, is hitting hard with profits now set to fall between 25% and 35%.

At its 2012 profit presentation in August, Rex said profits would fall between 15% to 25%.

“As foreshadowed in our earlier warnings, the Government’s slew of draconian measures at the start of this FY is having its expected impact on the general economy which in turn is hurting regional aviation badly,” Rex chief operating officer Garry Filmer said.

Rex said the aviation industry was facing a tripple whammy of the carbon tax, additional security charges and the removal of the Enroute Rebate Scheme.

Together they will wipe $4-$5 million from Rex’s bottom line, executive chairman Lim Kim Hai said in August.

Rex reported a pre-tax profit of $35.1m in the 12 months to June 30, a rise of more than 45% on the previous year.

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