Regional Express Holdings (Rex) today released its full year results showing a Profit After Tax of $24.6 million, some 7.2% above last FY’s results and even higher than the previous record profits of $23.6 million achieved just prior to the Global Financial Crisis.
Rex Executive Chairman Lim Kim Hai said that the aviation industry in Australia continued to be battered by the aftermath of the financial collapse and Rex itself was faced with a 5% drop in passenger demand.
“Fortunately, through sound financial management, Rex was able to take full advantage of all the fiscal incentives put in place by the Government to assist the economy. Together with efficiency gains and careful attention to costs, we were able to overcome the deficit of revenue to achieve a very satisfactory outcome,” Mr Lim pointed out.
“The outcome is all the more satisfying when we consider that the underlying profits before tax of Qantas International, Domestic and Regional combined was only about $60 million,” Mr Lim added.
“Shareholders will be pleased to note that in the light of this strong result and noting that the capital requirements in the current FY are limited, the Rex Board has declared a fully franked final dividend of 6.6 cents per share,” Mr Lim concluded.
Regional Express (Rex) is Australia’s largest independent regional airline operating a fleet of more than 40 Saab 340 aircraft on some 1,300 weekly flights to 35 destinations throughout New South Wales, Victoria, Tasmania, South Australia and Queensland. The Rex Group comprises Regional Express, air freight and charter operator Pel-Air Aviation and Dubbo-based regional airline Air Link, as well as the pilot academy Australian Airline Pilot Academy.
Rex Media Contact: Corporate Communications – 0402 438 361
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