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Regional Express Holdings has recorded an 8.6 per cent fall in profit for the first half of the 2010 financial year as revenues fell across its operations.
The airline group, which includes Pel-Air, Air Link and the Australian Airline Pilot Academy, recorded a net profit of $9.6 million for the six months ending December 31. Total revenues were $117.8 million, which was down 13.3 per cent, while passenger revenue was down 10.9 per cent to $98.8 million. Passenger numbers were down by 8.8 per cent to 641,552, while load factor was down by five percentage points to 63.1 per cent.
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The decline in revenue came across its divisions, with only the charter and Defence operations of Pel-Air recording positive revenue growth over the six months. The company also noted that its medivac operations were negatively affected by upgrades to the avionics of its fleet of IAI Westwinds, as well as the loss of one of the aircraft after it was ditched into water off Norfolk Island in November last year.
Despite the fall in first half profit, the company noted that its outlook for the following six months is largely positive, and it expects full year profit after tax to come in line with its FY09 profit of $23 million. In particular, it is expecting to benefit from the recent start of subsidised services in northern Queensland, new contract opportunities for Pel-Air, and the completion of the AAPA’s new academy in Wagga in April.
