News
Regional Express posts US$3.6 million annual loss
September 1st 2021
Australia's Regional Express (REX) has reported a net loss of A$4.9 million (US$3.6 million) for the 2020-2021 fiscal year, an improvement from a net loss of $19.4 million 12 months ago. Read More » Revenue dropped away by 20%, to $256.2 million, REX said in a regulatory filing to the Australian Securities Exchange yesterday. Total costs and expenses fell 24.6%, to $263.3 million. In an slide presentation accompanying its financial results the airline said it had a "pessimistic" outlook for 2021-2022. “The first half of fiscal 2022 will continue to be dominated by rolling lockdowns and border closures," executive chairman, Lim Kim Hai, said. "It is possible the second half will be struck by further waves of infection given the experience of other highly vaccinated countries. As such, the outlook for the year is highly uncertain." Today, REX said it was extending the suspension of its 737-800 flights and its reduction in regional services until October 10. The temporary schedule change, introduced on August 14, was due to expire on September 12. Furloughed staff will remain stood down until October 10.
