Rex revises profit guidance, reports forecast of FY2021 losses of USD13.2m

Regional Express (Rex) revised (10-Aug-2021) its profit guidance provided on 09-Jun-2021, which forecast a loss before tax of AUD15 million (USD11 million) for FY2021, and now believes that the statutory losses for the full FY2021 will be AUD18 million (USD13.2 million). Lockdowns in New South Wales in Jun-2021 and the ensuing border closures significantly impacted revenue. Furthermore, no measures were taken initially to mitigate the losses as the lockdown was perceived to be temporary and of short duration, and losses for the month of Jun-2021 increased substantially. Rex will be implementing temporary stand downs within the company after consultation with stakeholders. The number of stand downs will be released at the end of the week following the consultations. [more - original PR]