Rex said on Wednesday (9 June) that it is now forecasting a full-year loss of A$15 million due to ongoing lockdowns in various parts of Australia due to the COVID-19 pandemic.
Rex Provides Interim Guidance
Rex wishes to update the market on the trading conditions of its operations in this Financial Year (FY).
On the regional market front, the overall demand is back to 60% of pre-COVID levels but the recovery is uneven across the States. In Queensland for example, demand has exceeded pre-COVID levels with our capacity back to 100% of what it was. Western Australia is also recovering very strongly and is approaching pre-COVID levels.
Rex is cautiously expanding its regional network in an effort to stimulate demand. We are keeping our capacity growth about 5% ahead of demand growth. Rex’s regional capacity is therefore 35% of what it was pre-COVID.