Regional Express reports USD 0 net loss in 2020

Aviation group Regional Express (Rex) has reported a zero net loss in revenue in financial year 2020, thanks to USD 62m in government handouts, the company said.

Rex, an ASX-listed carrier revealed that its passenger revenue fell USD 65 million in the 12 months to June 30 due to the COVID-19 pandemic. However, the slump was more than covered by government aid, including JobKeeper payments, and higher revenue from its pilot training business.

Total revenue for the year landed at USD 321 million, up USD 4 million from the same period a year earlier. The airline reported a statutory loss after tax of USD 19.4 million for 2020, which was driven by a USD 62 million impairment charge against its assets.