Regional Express (Rex) has unveiled its unaudited management accounts for October, showing a Profit Before Tax for the domestic jet operations of approximately $2 million, following the slight profitability reported for September, the first time the jet operations reported a monthly profit.
Since the domestic carrier began operations in February this year following shutdowns due to COVID-19 border restrictions in 2021, Rex has declared a return to profitability in September 2022.
Other domestic carriers’ recent profitability increases are reflected in the press as a result of the rising demand for domestic air travel.
It is largely believed that rising profits result from increased demand for domestic leisure travel, rising airfare rates, limited airline capacity, and increasing fuel costs.
Although it continued to incur losses in its regional Saab operations in October due to Qantas’s exploitative business practices, the company’s EBITDAR for the month was $1 million, making it positive for the first time since September.
The company expects the regional Saab operations to return to monthly profitability by the third quarter of fiscal 2023. The Rex Board of Directors will confirm its hope that the Group will make up for the accumulated losses in the first four months of the fiscal year and emerge profitable for the whole fiscal year.