News
Australia’s Regional Express reports US$26.5 million interim loss
February 28th 2022
Australia's Regional Express (Rex) has reported a net loss of A$36.7 million (US$26.5 million) for the six months to December 31, slumping into the red from a net profit of A$9.9 million in the same months in 2020. Read More » Revenue climbed 38%, to A$88.4 million, Rex said in a regulatory filing to the Australian Securities Exchange (ASX). The company said its network was in hibernation for the majority of the half due to domestic border closures and stay at home orders introduced after fresh outbreaks of COVID-19 in Australia. "Air travel was devastated by the arrival of the more infectious Delta variant of COVID-19 in the first few months of fiscal year 2022 and was further decimated by the Omicron variant towards the end of the reporting period," Rex said. Rex executive chairman, Lim Kim Hai, said the carrier will not be providing earnings guidance for the full year because of extreme volatility in markets.
