Rex reported a full-year after-tax loss of $46million on a turnover of $319million for the last financial year, saying the post-pandemic recovery of its passenger services did not commence until February 2022.
Australia’s largest independent regional and domestic airline said operations were “either suspended or greatly reduced” due to the lingering impacts of COVID-19 as well as crude oil prices and ongoing international supply chain issues in the industry.
Commenting on the FY22 results, Rex Executive Chairman Lim Kim Hai said he was “mildly pleased” that the airline’s performance was not worse.
“The operational statistics for the new financial year have been very encouraging and indicate that we have turned the corner,” he said.
“In July, the Domestic Jet Operations load factor was at an all-time high of 86 per cent, while the Regional Saab Operations saw higher passenger numbers, revenue and load factors compared to pre-COVID figures despite five per cent less flying.”
Rex’s domestic network recorded a pre-audited base passenger revenue of $13.6 million in July 2022, almost double the previous three months’ monthly average of $6.87 million.
On regional routes, Rex’s July 2022 revenue and passenger numbers were almost identical to pre-pandemic levels in July 2019.
Mr Lim noted that the airline, which celebrated its 20th anniversary on 2 August, has reaped the benefits of partnerships with corporate and travel agencies inked before the end of the financial year.
“We have already seen 35 per cent of the committed monthly amounts for the partnerships in the first two months and we have every reason to believe that the performance will get stronger in the coming months,” he said.
“We are continuing to see very strong bookings in August with the past week showing a 50 per cent increase over the same period in July last month. Barring further external shocks, I am confident that the Group will return to good profitability in FY23.”
For the full-year result, head to asx.com.au/markets/trade-our-cash-market/announcements.rex
