Originally Posted by
transition_alt
Pax revenue increased from $42m half year to $125m full year. The Saab operation never went back to full capacity (except QLD. Even WA isn't full schedule) during this second half period before the next round of lockdowns, ...
I understand that the Saab operations never got back to pre-pandemic levels but those ops were the sole source of the $42 million first-half pax revenue. Given that for the second half, overall regional pax numbers were better than the first-half you'd expect that Rex would have taken in somewhat more than $42 million from Saab operations in H2. Call it $48 million for H2 from the Saabs for an even $90 million full year.
That leaves $35 million in jet ops revenue over four months, with the last of those months being largely impacted by Sydney restrictions/lockdowns and other border closures.
In terms of profit, the non-jet ops (Saabs, freight, charter and other) had returned $14.2 million before tax for H1 but that was likely inflated by the government subsidies, JobKeeper and the like. Previously before tax profit had run at about 6 percent of revenue so if we were to apply that to the $48 million H2 revenue estimate for regional plus the additional $20.6 million in H2 freight, charter and other there should have been a further $4.1 million in profits. That gives you over $18 million in non-jet profits for the year.
That should put the $18.4 million operating loss in better context; it's actually somewhere between a $32-36 million loss that is almost certainly largely attributable to just four months of jet operations.
Separately, for those who remember John Sharp's misguided spray back in April that "
Qantas is now technically insolvent since its limited unencumbered cash would not be sufficient to meet all of its liabilities that have fallen due, especially the refundable tickets worth billions", well, Rex's position is now such that the value of their payables and unearned revenue (ie refundable tickets) exceeds their cash and receivables balance. They are, of course, not "technically insolvent" but it is at least note worthy that they could be tarred with the same brush.