Regional Express swings to rare loss on asset write-downs
Regional Express has reported its first statutory loss in more than a decade after taking non-cash write-downs due to the loss of an Australian Defence Force contract in its Pel-Air division. The carrier reported a A$11.m bottom-line loss in the first half – its first since the 2003 financial year – down from a $3.9m profit a year earlier. However, it achieved a $3.3m operating profit, down from $3.9m a year earlier. In November Rex said it had faced headwinds from the weaker Australian dollar increasing its engineering costs and the weak domestic economy depressing travel, but it would benefit from the low fuel price, new opportunities in Queensland and Western Australia and world demand for pilot training. Rex's capacity rose by 1.7% in the first half and it filled 54.8% of seats, up 0.2 percentage points from a year earlier. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2016-02-25/unaligned/regional-express-swings-to-rare-loss-on-asset-write-downs
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Regional Express swings to rare loss on asset write-downs
Regional Express has reported its first statutory loss in more than a decade after taking non-cash write-downs due to the loss of an Australian Defence Force contract in its Pel-Air division. The carrier reported a A$11.m bottom-line loss in the first half – its first since the 2003 financial year – down from a $3.9m profit a year earlier. However, it achieved a $3.3m operating profit, down from $3.9m a year earlier. In November Rex said it had faced headwinds from the weaker Australian dollar increasing its engineering costs and the weak domestic economy depressing travel, but it would benefit from the low fuel price, new opportunities in Queensland and Western Australia and world demand for pilot training. Rex's capacity rose by 1.7% in the first half and it filled 54.8% of seats, up 0.2 percentage points from a year earlier. <br/>
