“Capital follows confidence” as defence courts private money
Outside investment and the direction in which venture money flows may reveal what defence will buy years before formal programmes begin.
Rex reports A$9.6m half-year profit
Regional Express (Rex) has reported a profit of A$9.6 million for the first half of its financial year which ended on 31 December 2009.
Revenue for the six months from 1 July-31 December last year was A$117.8 million, a 13.3% decrease compared with the A$135.8 million reported for the half-year which ended on 31 December 2008. The A$9.6 million profit from ordinary activities after tax attributable to members was down by 8.6% from the A$10.5 million reported for the same period in the previous financial year.
The first half of Rex’s 2009-10 financial year saw a reduction in available seat kilometres (ASKs) by 3.6% as frequency reductions introduced in the previous financial year – to counter reduced demand for regional travel brought about by the global financial crisis – were largely kept in place. However, the airline notes that this scaling back of capacity was insufficient to meet ailing demand, which saw passenger numbers decline by 8.8% on the prior corresponding period.
The lower passenger numbers coupled with greatly reduced freight activity, stemming from the restructure of Pel-Air, were behind the company’s revenue declining by 13.3%.
Total costs over this period reduced to A$104.9 million. This was mainly due to lower fuel and engineering costs and favourable foreign exchange gains, all of which totalled A$14.5 million.
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