Australian carrier Rex posts full-year 2022 net loss of AU$46 million

©Rex

Australian airline Rex has posted a full year after-tax loss of AU$46 million on a turnover of AU$319 million for full-year 2022 (FY22). Commenting on the results, Rex Executive Chairman Lim Kim Hai said, “The lingering impact of COVID-19 meant that passenger services did not start to recover until February. Prior to that, both the domestic jet operations and regional Saab operations were either suspended or greatly reduced,” Adding that, “Considering that COVID devastated practically three quarters of the full-year and the war in Ukraine starting in February causing crude oil prices to skyrocket by over 70% during the financial year peaking at a near record high of A$174 per barrel in June 2022 as well as other supply shocks on the international economy, I am mildly pleased that our performance is not much worse than it is.

The operational statistics for the new financial year have been very encouraging and indicate that we have turned the corner. In July, domestic jet operations’ load factor was at an all-time high of 86% whilst the regional Saab operations saw higher passenger numbers, revenue and load factors compared to pre-COVID figures despite 5% less flying.”

Rex is Australia’s largest independent regional and domestic airline operating a fleet of 61 Saab 340 and six Boeing 737-800NG aircraft to 58 destinations throughout all states in Australia. (£1.00 = AU$1.71 at time of publication).

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