Regional Express profits up in FY2012, expects 15%-25% profit decline in FY2013

Regional Express revenue up 15% - financial highlights for 12 months ended 30-Jun-2012:

• Revenue: AUD273.1 million (USD281.8 million), +14.5% year-on-year;
  • Passenger: AUD214.8 million (USD221.6 million), +6.7%;
• Costs: AUD240.9 million (USD248.5 million), +11.3%;
  • Labour: AUD93.6 million (USD96.6 million), +10.2%;
  • Flight and port operation costs (excl fuel): AUD48.7 million (USD50.3 million), +0.4%;
  • Fuel: AUD38.6 million (USD39.8 million), +14.4%;
• Profit before tax: AUD35.1 million (USD36.2 million), +45.6%;
• Net profit: AUD25.5 million (USD26.3 million), +44.9%;
• Passenger numbers: 1.2 million, -2.6%;
• Load factor: 59.6%, -0.7 ppt;
• Average fare: AUD183.5 (USD189.3), +9.5%;
• Revenue per ASK: AUD 28.9 cents (USD29.8 cents), +7.4%;
• Cost per ASK: AUD 27.8 cents (USD28.7 cents), +6.5%;
• Cost per ASK excel duel: AUD23.0 cents (USD23.7 cents), +5.0%;
• Total assets: AUD259.6 million (USD267.8 million), +8.3%;
• Cash and bank balances: AUD43.3 million (USD44.6 million), +127.4%;
• Total liabilities: AUD82.9 million (USD85.5 million), +5.2%. [more - original PR]

*Based on the average conversion rate at USD1 = AUD0.9692 for the period

Rex: "I believe that Rex can, God willing, survive the cataclysmic period ahead just as we have survived the last decade of droughts, middle eastern wars, SARS, fuel price escalations, pilot shortages, the GFC, volcanic ash and the Euro zone crisis. Our fundamentals are solid with no debt burden. However, our profits are expected to drip by 15%-25% in the current financial year," Lim Kim Hai, executive chairman. Source: Company statement, 31-Aug-2012.