Regional Express Holdings Limited (Rex) announced a group net profit after tax of $24.3m, an increase of 3.0% over last year. Its after tax profits for the 4th quarter was $8.3M an increase of 31.7%.
The Rex Board declared a final dividend of 6.6 cents per share, fully franked.
Executive Chairman, Lim Kim Hai said, “The results of the 4th quarter were particularly pleasing as the oil price hit a record high of USD140 per barrel during this quarter. Almost all the airlines we know of had huge declines in profits in the quarter. Rex was completely un-hedged and we continued to show strong growth.”
Mr Lim commented that the Group expected earnings to remain at relatively the same levels next year if fuel and US dollar exchange rates stayed within current levels.
Rex is Australia’s largest independent regional airline operating a fleet of 38 Saab 340 aircraft on more than 1,200 flights weekly to 23 destinations from Sydney, Melbourne and Adelaide. The Rex Group comprises Regional Express, air freight and charter operator Pel-Air Aviation and Dubbo based regional airline Air Link, as well as the pilot academy Australian Airline Pilot Academy.