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Friday, August 29, 2014

REX buck the Australian trend

Bucking the trend of fellow Australian operators and joining Air New Zealand in announcing a profit was Rex with a full year profit before tax of $10.7m($AUD) with a net profit of $7.725m ($AUD) this was down 44.9% on the FY13 net profit.

Despite posting a profit REX has warned that the Australian Aviation market is in deep crisis pointing to the losses made by Qantas and Virgin and listing the 16 different regional carriers who have collapsed and ceased operations since 9/11
Rex executive chairman Lim Kim Hai said the carbon tax, an increased fuel levy to fund the Civil Aviation Safety Authority and record fuel prices were all negative factors in 2013/14.
There were a few announcements of note in the release, FY14 saw REX take full ownership of its 51 frame SF340B+ fleet purchasing the remaining 18 frames that came off lease at the end of March 2014.

Its subsidiary Pel-Air has secured contract extensions for some of its SA based mining charter operations and has tendered for the dedicated search and reduce service for the Australian Maritime Safety Authority which will be announced later this year.  In FY14 the Pel-Air contract for fast jet support to the Australian Defence Force was also renewed by the Federal Government.  Pel-Air has also launched a number of SF340B+ flights in Queensland in support of resource sector FIFO operations.

Subsidiary Air Link began a Sydney - Cobar charter service in October 2013 and has also re-commenced RPT services this month, with a twice weekly SYD-DBO 1900D service.

REX is awaiting the outcome of its tenders to the Queensland Government to operate regulated regional Queensland routes which will be announced in October.  REX currently services the TSV-WIN-LRE* and TSV-HGD-RCM-JCK-ISA^ routes with a current contract end of 31 December 2014.  REX also launched a 3x daily SYD-ARM service on 28 March 2014 after an expression of interest period from local councils within a 600km radius of SYD, brought about by a network review and the recruitment of 11 former pilots of recently collapse competitor Brindabella Airlines.  

Read the media release, investor briefing and annual report as released to the ASX HERE


* Townsville - Winton - Longreach
^ Townsville - Hughenden - Richmond - Julia Creek - Mt Isa

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