Rex reports a $14.4m profit as it comes back from the pandemic

Rex reports a $14.4m profit as it comes back from the pandemic
Edited by Travel Weekly


    Regional Express Holdings Limited today announced a statutory profit after tax of $14.4 million for FY23, compared to a loss of $46.1m in the prior corresponding period.

    As foreshadowed in its profit guidance on 20 June 2023, Rex’s operational loss before tax was $31.7m compared to a loss of $109m in the prior year. However, Rex was able to report a statutory profit due to $44.5m positive fair value contribution from Rex’s 50 per cent acquisition of National Jet Express (NJE) in September 2022.

    Commenting on the results, Rex Executive Chairman, Lim Kim Hai said, “The legacy effects of COVID continued to smash the aviation industry in FY23 manifesting itself in acute pilot shortages and severe dislocation of the supply chain.”

    Hai said that looking ahead in this FY, the prospects seem much brighter across the Group:

    • The delivery of the 8th and 9th 737-800NG aircraft in Q1 FY24 will bolster its domestic expansion plans and revenue. A 10th aircraft is envisaged in the later part of the FY.
    • Pel-Air’s revenue is expected to grow in the FY with the entry into service in NSW Ambulance of two Pilatus PC24 jets and the start of the new Ambulance Victoria contract, both in the second half of the FY.
    • NJE’s foray into Queensland sets the stage for further expansion opportunities to cater to the increasing demands of resource companies in WA, SA and QLD.
    • Rex’s two pilot academies expect to enrol 40 Rex cadets and 200 international cadets from Vietnam, Singapore and China before the end of the FY with 60 already enrolled in the month of August.

    Rex recently began its expansion down south with a Melbourne-Hobart route that started 17 August.

    Alongside this, Rex signed a letter of intent (LOI) to lease two more Boeing 737-800NGs following a profitable period and the airline also launch a Sydney-Adelaide service, Rex’s eighth domestic route, which began on 29 June.

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