REX to transition to ATRs, start domestic jet ops
Rex FY23 Results. A statutory profit (that is correct, profit) after tax of $14.4 million.
In a master-stroke of creative accounting they decided that NJE, a business that they paid $48.18 million for, is worth $142.673 million (that is despite them having previously valued NJE at $77.645 million back in December 2022).
Fernangling aside, they lost $31.7 million. Passenger revenues collapsed by over 8.5 percent in the six months to 30 June.
In a master-stroke of creative accounting they decided that NJE, a business that they paid $48.18 million for, is worth $142.673 million (that is despite them having previously valued NJE at $77.645 million back in December 2022).
Fernangling aside, they lost $31.7 million. Passenger revenues collapsed by over 8.5 percent in the six months to 30 June.
I want some of what they're smoking.
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Rex FY23 Results. A statutory profit (that is correct, profit) after tax of $14.4 million.
In a master-stroke of creative accounting they decided that NJE, a business that they paid $48.18 million for, is worth $142.673 million (that is despite them having previously valued NJE at $77.645 million back in December 2022).
Fernangling aside, they lost $31.7 million. Passenger revenues collapsed by over 8.5 percent in the six months to 30 June.
In a master-stroke of creative accounting they decided that NJE, a business that they paid $48.18 million for, is worth $142.673 million (that is despite them having previously valued NJE at $77.645 million back in December 2022).
Fernangling aside, they lost $31.7 million. Passenger revenues collapsed by over 8.5 percent in the six months to 30 June.
Anyway is all has to be Audited by an independent agency for the ASX, so they can only be so creative.
Imagine how much more 'profit' they may have actually made if they had retained even 30% of the pilots that left and were able to operate normal services, rather than bleed profit to QF group.
I guess it is embarrassing when pre Covid years Rex always bolstered we made more profits than QF And VA combined. Now creative accounting to match profits with the big players. Maybe the scones and clotted cream doesn’t taste that good. Reap what you sow Rex. 👍
Sugarcoat it for me Deano
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One positive to come out of this; with the profit before tax of (ahem) $12.8 million, that should clear any hurdles for backpay under the pilots' EBA.
What will be interesting is whether the "profit" is deemed to have also cleared the hurdles for the Executive Bonus Share Plan. Any betting on how that will play out?
What will be interesting is whether the "profit" is deemed to have also cleared the hurdles for the Executive Bonus Share Plan. Any betting on how that will play out?
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Has Baxter st approved such a project? Wotabout mouthpiece his Excellency Akbar Al Beetroot Face?
One positive to come out of this; with the profit before tax of (ahem) $12.8 million, that should clear any hurdles for backpay under the pilots' EBA.
What will be interesting is whether the "profit" is deemed to have also cleared the hurdles for the Executive Bonus Share Plan. Any betting on how that will play out?
What will be interesting is whether the "profit" is deemed to have also cleared the hurdles for the Executive Bonus Share Plan. Any betting on how that will play out?
Reducing operating loss by over $70mil per annum is nothing to be sneezed at, particularly when you consider
REX is a transitioning airline moving from purely regional to mainline jet ops with regional feed
Around double the revenue from 2022 to 2023
There is still coin available from PAG
Pilot drain and maintenance issues due to supply chain problems
Big picture dictates an operating loss of $32mil is not the end of the world
250 or so return trips sold per day will wipe this out rather quickly
REX is a transitioning airline moving from purely regional to mainline jet ops with regional feed
Around double the revenue from 2022 to 2023
There is still coin available from PAG
Pilot drain and maintenance issues due to supply chain problems
Big picture dictates an operating loss of $32mil is not the end of the world
250 or so return trips sold per day will wipe this out rather quickly
Reducing operating loss by over $70mil per annum is nothing to be sneezed at, particularly when you consider
REX is a transitioning airline moving from purely regional to mainline jet ops with regional feed
Around double the revenue from 2022 to 2023
There is still coin available from PAG
Pilot drain and maintenance issues due to supply chain problems
Big picture dictates an operating loss of $32mil is not the end of the world
250 or so return trips sold per day will wipe this out rather quickly
REX is a transitioning airline moving from purely regional to mainline jet ops with regional feed
Around double the revenue from 2022 to 2023
There is still coin available from PAG
Pilot drain and maintenance issues due to supply chain problems
Big picture dictates an operating loss of $32mil is not the end of the world
250 or so return trips sold per day will wipe this out rather quickly
Look, I personally want to see Rex thrive and become a viable third competitor across the country, and perhaps they can. It's just at this juncture, it seems that the spin machine is running hard and they are facing some challenges. They aren't insurmountable, but you also need to be realistic.
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ZL143 SYD-MEL, ZL368 SYD-BNE, ZL152 MEL-SYD
Rex's heart might be in the country but you get the feeling that their customers are on someone else's flights.
88 103 74 sold respectively meh, not great but certainly could be doing better
Obviously they could be selling more, but they are selling seats for higher prices that a few months ago so their yields per seat are up a fair bit, they seem to be pitching their pricing around the same as VA
Had a look at QF for the same say, loads looking more solid, however they have a lot of blocked seats on most flights, are these sold or reserved for staff?
Obviously they could be selling more, but they are selling seats for higher prices that a few months ago so their yields per seat are up a fair bit, they seem to be pitching their pricing around the same as VA
Had a look at QF for the same say, loads looking more solid, however they have a lot of blocked seats on most flights, are these sold or reserved for staff?
88 103 74 sold respectively meh, not great but certainly could be doing better
Obviously they could be selling more, but they are selling seats for higher prices that a few months ago so their yields per seat are up a fair bit, they seem to be pitching their pricing around the same as VA
Had a look at QF for the same say, loads looking more solid, however they have a lot of blocked seats on most flights, are these sold or reserved for staff?
Obviously they could be selling more, but they are selling seats for higher prices that a few months ago so their yields per seat are up a fair bit, they seem to be pitching their pricing around the same as VA
Had a look at QF for the same say, loads looking more solid, however they have a lot of blocked seats on most flights, are these sold or reserved for staff?
88 103 74 sold respectively meh, not great but certainly could be doing better
Obviously they could be selling more, but they are selling seats for higher prices that a few months ago so their yields per seat are up a fair bit, they seem to be pitching their pricing around the same as VA
Obviously they could be selling more, but they are selling seats for higher prices that a few months ago so their yields per seat are up a fair bit, they seem to be pitching their pricing around the same as VA
Trying to avoid that sort of rank nonsense is why I use the Block function. If you have aircraft tooling around the triangle only half full on a Friday between 5pm and 8pm, something is wrong. And not just "meh" wrong, something is desperately wrong.
On the first Friday of September last year, Rex moved a shade over 1,430 pax between Sydney and Melbourne on ten flights (5 return services). Yesterday, they had fewer than 1,400 pax spread over their 14 flights between Sydney and Melbourne.
The maths is not particularly difficult. On what should be a money making day on a money making route, Rex were haemorrhaging.
On the first Friday of September last year, Rex moved a shade over 1,430 pax between Sydney and Melbourne on ten flights (5 return services). Yesterday, they had fewer than 1,400 pax spread over their 14 flights between Sydney and Melbourne.
The maths is not particularly difficult. On what should be a money making day on a money making route, Rex were haemorrhaging.