Good operating profit but overall loss for Rex in first half results

The Regional Express (Rex) Group has reported its first half financial year 2016 (FY15/16) results, including an operating profit of A$3.3 million which became a statutory after tax loss of A$11.4 million following the impairment of goodwill and assets and fair value accounting entries.

The A$3.3 million operating profit was achieved on a turnover of A$132.6 million.

“The Group had to make some non-cash write downs and fair value adjustments which resulted in the first statutory loss Rex has reported since FY02/03. Despite this, the Group’s cash flows remain sound with an operational profit of $3.3 million,” explained Rex chief operating officer Neville Howell.

“The new Western Australian routes which begin on 28 February 2016 are expected to perform well. We are very encouraged by the strong forward bookings to date.”

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