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Australia's Rex downgrades earnings guidance, forecasts full-year loss
June 9th 2021
Australia's Regional Express (Rex) expects to be in the red for a second consecutive year in 2020-2021 as a result of domestic border closures. Read More » In a regulatory filing to the Australian Securities Exchange (ASX) the company forecast it would post a statutory loss before tax of A$15 million (US$11.6 million) for the 12 months to June 30. In guidance to the market last month, Rex had predicted it would achieve a breakeven result for the full financial year. "The latest COVID-related state border restrictions and lockdowns have severely disrupted Rex’s domestic and regional networks, forcing Rex to cancel a large number of flights to and from Melbourne," the airline said. The company posted an A$27.4 million statutory loss before tax in 2019-2020.
