A 45% increase on the previous financial year to post a record before tax profit of 35.1 Million.
Rex bucks trend with profit rise to $25.5m, warns of hard times ahead.
REGIONAL Express has celebrated its 10th birthday with a 45 per cent increase in annual net profit to $25.5 million, but warned of hard times ahead.
Rex’s net result eclipsed those of Qantas and Virgin Australia as the group benefited from a Victorian air ambulance contract held by subsidiary Pel-Air and the performance of Dubbo-based fly-in, fly-out operator unit AirLink.
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REX puts the bite on Qantas and Virgin over profits | Plane Talking
Want a strong share price and the missing magic ingredient, a dividend, in your Australian airline stocks? REX or Regional Express, is the answer.
The statement reminds us that REX made more money ($35.1 million PBT) than Virgin Australia ($27.2 million PBT) flying incredibly small turbo-props around the country, to tiny towns where driving to a big city is variously, an expedition, or stupid.
Qantas might also claim that its fantastically profitable but undisclosed exact earnings in its domestic jets also exceeded those of REX hedge hoppers.
But it won’t because those figures are ‘commercial in confidence’, and when the flying kangaroo operation as a group blew $245 million in losses while the cattle dog brand rounded up $35 million, such provocation would be beneath its dignity.