REX full year FY16/17 profits quadrupled

The Regional Express (Rex) Group has announced a quadrupling of profits for Financial Year 2017 (FY17). Rex announced a statutory profit before tax (PBT) of AU$17.8m on a turnover of AU$281m. This represents a quadrupling of the operational PBT of AU$4.3m recorded for the previous FY. Rex’s statutory profit after tax was AU$12.6m for FY17. Rex Executive Chairman Lim Kim Hai said, “I see a bottoming out of the declines we experienced in the prior six years with a modest but clear recovery (3% improvement year-on-year on the traditional network) of passenger numbers in FY17, which no doubt mirrors what is happening in the Australian economy. Early indications from the first two months of this new FY confirm the trend we saw in FY17.”