Despite this, Mr Hai said Regional Express is the only listed passenger airline left that is making a profit and that the group has the capacity to "ride out this crisis". "There are already some very preliminary signs that we are near the bottom of the economic downturn and the recent removal of the carbon tax should give the economy a further boost," he said. "When the inevitable recovery takes place Rex will be there, stronger and better prepared than ever.
Executive chairman Lim Kim Hai said it was an understatement to say that Australian aviation is in crisis. "Both the Qantas and Virgin Australia groups are losing money at a rate that would see their net tangible assets wiped out in three years or less unless they manage to recapitalise," he said. "The situation is much worse in the regional aviation sector.
Regional Express is embarking on the year ahead with "muted optimism" despite recording a full-year profit decline of almost 45 per cent and describing the aviation sector as being "in crisis".
Read more here: Business Spectator