Posted on: 28 August 2015
Regional Express (Rex) has announced its financial results for the year ended 30 June, 2015 (FY2014/15), reporting a profit before tax of AU$9.3 million – a drop of 12.8% from the prior year, which marks the third consecutive year of profit decline for the carrier since 2013.
Lim Kim Hai, executive chairman of Rex, commented, “Trading conditions of regional aviation continued to deteriorate in the period under review and resulted in 19,500 fewer Rex passengers travelling on its non-Queensland regulated network, or a reduction of 1.9%.”
This occurred in spite of the fact that FY2014/15 also saw the addition of 16 new Queensland ports after 1 January, 2015, following the Queensland Government’s announcement that Rex had been awarded 3 additional regulated Queensland routes. Rex has also operated two existing regulated Queensland routes since 2010.
With the commencement of regular public transport services between Cairns and Bamaga from 30 March, 2015, the carrier has seen the number of Queensland ports it serves increase from seven to 24 during the second half of the financial year.
“I would like to thank the Rex staff who worked tirelessly to implement these services with extremely short lead times,” Hai continued. “It was also announced at the presentation that the Rex Board will defer its decision to pay dividends to its AGM in November 2015 due to uncertain trading conditions.”
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.