Rex reported an increased profit for November 2022 with Profit Before Tax (PBT) improving from about $2 million to $2.8 million for its domestic Boeing 737 operations. With this the airline reported a profit in the third consecutive month since the resumption of operations in February 2022.
The airline further added that its regional Saab 340 operations are still making loss of less than $0.2 million for November, due to the predatory actions of Qantas. However, the airline reported a double EBITDA from $1 million in October 2022 to $2.2 million on November 2022, again making it the third consecutive month the regional operations have been cash-flow positive since COVID.
Going ahead, Rex is optimistic about regional Saab operations returning to monthly overall profitability in Q1 of 2023.
The entire Rex Group showed a profit for the second consecutive month in November 2022, with the PBT for the month at just over $3 million following a smaller PBT of $800,000 the month before. The Rex Board reaffirms its forecast that, barring any further external shocks, the Company will return to profitability before tax for the Financial Year.