Regional Express or more commonly referred to as REX, announced a profit for a second consecutive month. Their pre-tax profit for November 2022 came in at just over AUD 3 million or USD 2.07 million, an increase on the month prior.
This profit has been brought about thanks to their 737 MAX operations. The airline flies 7 Boeing 737-800NG aircraft while operating 45 Saab 340s to 58 destinations in all states of Australia. The airline has a total of 61 Saab 340s. However, 13 remain grounded per Cirium data.
The arrival of the 737 series has been a game-changer for the airline in the past year. Flights have increased to almost all destinations across Australia, aided by the reactivation of other aircraft and restrictions easing. However, it also benefitted thanks to the seating capacity of the 737s.
Per Cirium, there’s been a 94% jump in available seats for JAN 2023 vs JAN 2022 in Brisbane. Meanwhile, a 62% and 45% jump in Sydney and Melbourne, respectively. These jumps in traffic, routes and aircraft make Rex the largest independent regional and domestic airline in Australia.
While the 737s reel in the profits, Rex has said that as of November 2022, the Saab 340 operations are still making losses of AUD 200,000. Generally speaking, though, November was the third consecutive month that the domestic jet operations had been profitable since they resumed operations with the 737s in February of 2022.
For Rex, Q1 2023 is the target when they expect to reach profitability with their Saab 340 operations. In addition, the airline says that for the financial year ending June 30th, 2023, they should report a profit across the board.
Rex has won over the hearts and business of many Australians that have flown the carrier. Aided thanks to its on-time performance and its welcoming attitude to customers.