Rex Airways downgrades steerage, predicts $35m loss


Regional Categorical says it gained’t swing to a revenue this monetary yr in any case and is as a substitute predicting a $35 million loss after reducing again on flight schedules.

Rex stated on Wednesday it had been pressured to considerably cut back its flights in current months due to a world scarcity of pilots and engineers and post-COVID provide chain shocks.

Additionally, enterprise journey in Might and June has been considerably lowered, largely due to company journey budgets being exhausted on account of “exponential will increase” in worldwide fares.

The regional airline in February declared it had incurred an after-tax lack of $16.5 million for the six months to December 31 however stated it was hopeful it will have constructive working income for the total monetary yr “barring any additional exterior shocks”.

On Wednesday, the airline stated it was optimistic for a bunch revenue earlier than tax for 2023/24.

Rex flies a fleet of 59 Saab 340s turboprops and 7 Boeing 737-700NG jet plane to 58 locations throughout Australia. Two extra Boeings are anticipated to reach within the subsequent few weeks.