Rex reveals increased profitability

Melbourne, Australia - November 10, 2011: Regional Express (REX) Airlines Saab 340B VH-ZRC taking off from Melbourne International Airport.
By Alexandra Coulton


Ahead of its AGM this afternoon, Rex Airlines has revealed a $2 million before-tax profit for the month of October.

The airline’s unaudited management accounts for October showed a significant increase on last month’s slight profitability, which marked the airline’s return to profitability for the first time since resuming operations in February.

Its regional Saab operations are still loss-making for October, but its EBITDAR was a positive $1 million for the month, having been EBITDAR positive since September.

The Company believes that the regional Saab operations will return to monthly profitability by Q3 of FY23.

The board of Rex will reaffirm its expectations that the group will make up for the accumulated losses incurred in the first 4 months of the financial year to emerge overall profitable for the entire FY23.

For the first three months of this financial year, Rex’s domestic jet network passenger numbers grew by 60 per cent, 34 per cent and 77 per cent respectively when compared to June 2022.

Revenue growth has been even stronger at 84 per cent, 47 per cent, and 137 per cent for the same three months, suggesting significant yield improvements, according to Rex executive chairman, Lim Kim Hai.

“The Board gave guidance on 2 August 2022 that it expected FY 2023 to be profitable overall and the current results have further strengthened its conviction,” Kim Hai said.

“Encouragingly, October 2022 appears to be even stronger than September 2022, with passenger numbers on the jet network 16 per cent higher for the first half of the month when compared with the previous month while revenue increased 35 per cent on 13 per cent more flying.”

Image source: iStock/Ryan Fletcher

Latest News

  • Aviation

Low-cost Indian carrier SpiceJet continues to burn cash

It’s not just low-cost Australian carriers that are facing hardship. SpiceJet, India’s version of Bonza, recently announced a 72 per cent reduction in its net loss versus last year. But, despite this improvement, the airline has posted losses for six straight years. But it has secured board approval to raise up to INR 30 billion […]

  • Attractions

SAKA Museum recognised in TIME magazine’s World’s Greatest Places 2024

AYANA Resort Bali’s newly-opened cultural and events centre, SAKA Museum has been recognised in TIME magazine’s World’s Greatest Places list for 2024. Part of AYANA Bali’s resort destination, the museum integrates Bali’s rich history with state-of-the-art facilities, making it the centrepiece for the island’s spiritual and cultural heritage. TIME magazine’s inclusion of SAKA Museum in […]

  • Cruise

Silversea taps Barbara Biffi as senior vice president for global sales

Ultra-luxury and expedition cruise travel brand, Silverseas, has announced Barbara Biffi as its new senior vice president of global sales. Biffi joined the company in 2007, holding numerous positions and gaining a deep understanding of the brand, the preferences of its guests and its strategic goals, the company said. An Italian national with a wealth […]

  • Technology
  • Travel Agents

Amadeus welcomes FCM Travel as new reseller partner of Cytric Easy

Cytric Easy, the travel management tool embedded in Microsoft Teams, is to be integrated into FCM Travel portfolio. Amadeus and FCM Travel have extended their Cytric distribution agreement to include Cytric Easy. With this new agreement, global travel management company FCM Travel, becomes a reseller of the innovative travel management collaboration solution embedded into Microsoft […]