Rex on track to meet profit forecast

Airline Regional Express Holdings Ltd (Rex) says it is on track to meet its prospectus forecast after almost doubling its net profit in the first nine months of the current financial year.

The company has reported a net profit of $12 million for the nine months to March 31, 2006, almost double the $6.2 million reported in the previous corresponding period.

Rex has reaffirmed that it expects to achieve its prospectus forecast of a net profit of $15.1 million in 2005/06.

The result was struck on passenger revenue of $108.8 million over the period, up 18 per cent on the previous year.

The airline yesterday added an extra three return services on the Port Lincoln-Adelaide route, taking its number of weekly return flights on the route to 44.

The airline now offers almost 3000 seats per week between the two destinations, an increase of 13 percent since the start of the year.

Rex will also add two extra return flights on the Dubbo-Sydney route from next week, taking its number of return services on the route to 48 per week.

The 2800 Rex and Air Link seats per week between Dubbo and Sydney represent an increase of five percent.

“The additional flights have been added as part of the Rex Group’s strategy to bring greater flexibility and choice for regional travellers and in response to continued strong support for our services,” Managing Director Mr Geoff Breust said.