Australia’s Regional Express net profit down 33% in H1

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Australian regional carrier Regional Express has posted a 33% year-on-year decline in net profit to A$9.04 million ($9.24 million) for the first half of its fiscal year.

For the six months ended 31 December, the carrier's pre-tax profit decreased by 33% year on year to A$12.5 million.

Revenue for the period fell by 2.7% to A$135 million, while passenger revenue decreased by 1.2% to A$109 million.

Total costs and expenses increased by 2.4% year on year to A$125 million as fuel costs rose by 4.9% to A$20.3 million, while flight and port operation costs increased by 1.1% to A$25.3 million.

The airline also attributes the higher costs to carbon tax of A$1.3 million and cessation of the A$1 million en-route rebate scheme.

Passenger numbers for the six months fell by 5% to 578,000, while ASKs fell by 0.2% year on year. The carrier's load factor decreased by 3.3 percentage points to 56.8%.