REGIONAL Express has reported a $46 million loss for the 2021/22 financial year, representing a significantly larger loss than the previous financial year’s $3.86 million deficit.
“I am mildly pleased that our performance is not much worse than it is,” Rex Executive Chairman Lim Kim Hai stated, acknowledging the ongoing impacts of the pandemic, skyrocketing oil prices, and the conflict in Ukraine.
Rex’s passenger services had not started to recover until February this year, Hai highlighted, because of the continuing blow of COVID-19 with the emergence of the Delta and Omicron variants.
However, the chairman believes the operational figures for the financial year indicate that the carrier has “turned the corner” and is confident that the group will be in the black again next year “barring further external shocks”.
Hai cited an uptick in bookings for the month of August and strong performance since the beginning of July, a result he attributes to “partnerships with corporates and travel agencies”, which are already producing 35% of committed monthly traffic.