Rex achieves record profit for FY2009-10

Regional Express Holdings (Rex) has reported a profit after tax of $24.6 million for its 2009-10 financial year, 7.2% above the last financial year’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 noted that the Australian aviation industry 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,” 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,” he 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,” Lim concluded.

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