Rex expects a profitable full year as jet operations improve
Australia's Regional Express reaffirmed expectations of a profitable full year on the back of improved pre-tax profit from domestic jet operations in October.
The airline disclosed a pre-tax profit of about A$2 million ($1.35 million) for domestic jet operations in October, improving from the "slight profitability" in September, marking the first time it has reported a monthly profit from jet operations.
Its regional Saab operations remained loss-making in October, but EBITDAR was a positive A$1 million for the month, having been EBITDAR positive since September, Rex says in a filing disclosed to the Australian Securities Exchange today.
The airline believes that its regional Saab operations will return to monthly profitability by the third quarter of the financial year (FY) 2023.
The board has reaffirmed its expectations that the group will make up for the accumulated losses incurred in the first four months to emerge overall profitable for the entire financial year.