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REX - REGIONAL EXPRESS HOLDINGS LIMITED


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Is this being propped up for an upcoming VBA t/o? It seems strange that such an illiquid stock can be held up in this climate, just with a buyback. Singapore airlines cut some of its Tiger flights. Is it about to happen soon? VBA just took another drop.

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EXPLANATION OF RESULTS

The first half of the financial year saw a reduction in Available Seat Kilometres (ASKs) by 7.1% in response to the severe shortage of pilots in the earlier part of the period. This reduction in ASK was the main reason for the reduction in passenger numbers of 8.9% although the higher levies imposed due to the high fuel prices and exchange rate volatility also contributed to dampening demand. Yields improved significantly in the period as a result of the constrained demand and resulted in the GroupÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s revenue increasing by 5.4% to $135.8M. Total costs over this period also increased 5.2% to $121.3M. This was mainly due to fuel costs which increased 16.1% year on year by $3.5M and manpower costs which increased 9.6% to $3.6M. The increase in manpower is attributable to (i) 4% increase in the number of full time equivalents employed, (ii) CPI adjustments of 2.5% to all salaries and (iii) some additional provisions made over the period. These provisions amounted to $1.3M for expected increases in costs with the new employee Enterprise Bargaining Agreements, the CompanyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s Profit Share, Employee Share Gift and other bonus schemes.

The Group also recorded a one-off gain of $0.4M from the sale of a Saab 340A aircraft.

The GroupÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s Profit Before Tax for the period increased 6.7% year on year to $14.4M, however FY 2009ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s Profit After Tax for the period increased only 1.9% to $10.5M compared to FY 2008. This is due to the recognition of a tax overprovision in FY 2007 thereby reducing the taxable amount by $0.4M in the half year period of FY 2008.V1

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Looks pretty good in these conditions they are doing well the fuel price must be helping.
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Yes no doubt.

Move of the pilot training to Wagga is going to be an extra boost for that city.

A dozen more Saab 340b to be added to the fleet over the next 18 months!!!

Last of the Beech 1900's now gone!

They own slightly more than half their fleet outright which is good as well.

All very good indeed.

V1

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Buyers coming into the depth again, could go for a trot now with the buyback helping as well.
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Rex reaffirms guidance

 

Rex today reported a slight lift in first half profit despite a fall in demand for air travel.

 

The regional carrier reaffirmed guidance that it expects to deliver fiscal 2009 profit in line with the prior financial year's result of $24.3 million.

 

Rex's net profit for the six months ended December 31 rose 1.9% to $10.5 million, from $10.3 million in the previous corresponding period. The company said passenger numbers fell by 8.9% to 703,725 in the first half.

 

The operating climate had deteriorated further, the airline said, with January 2009 passenger numbers down by 20%.

 

Rex declared no interim dividend.

 

Rex deputy chairman John Sharp said the company's first half results were ``outstanding'' given the current global economic environment.

 

"We've been preparing for the global financial crisis for some years,'' Mr Sharp said on a teleconference on Wednesday. "These results demonstrate the strength of this company.'' V1

 

 

 

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Virgin Blue vulnerable to takeover: Rex

 

February 18, 2009 - 1:41PM Regional Express Holdings says Virgin Blue is extremely vulnerable to a takeover, as the domestic airline reports a slight rise in first-half profit despite lower passenger numbers.

 

Speaking to investors at the company's earnings briefing, Rex chairman Kim Hai Lim said Virgin Blue was a takeover target.

 

"Virgin's shareholdings have been extremely fragmented, which means that Virgin is now extremely vulnerable to a takeover bid, whether hostile or friendly,'' Mr Lim said.

 

Mr Lim said Rex had purchased a parcel of Virgin Blue shares so it could have some influence over the future of the company.

 

"We purchased a block of Virgin shares,'' he said on Wednesday. "We were hoping that we could take a small strategic interest so we could have some small influence as to the future of Virgin.

 

"Virgin does have an impact on regional aviation and it has already entered some of our markets.

 

"So we felt it was in our strategic interest.

 

"Also we do feel there is a certain undervaluation of Virgin shares.''

 

Rex had 19.1 million Virgin Blue shares as at December 31, equating to about 1.82% of the stock.

 

The Singaporean investors behind Rex hold about a 55% stake in the carrier are also said to be quietly building up their stake in Virgin Blue.

 

Rex reaffirms guidance

 

Rex today reported a slight lift in first half profit despite a fall in demand for air travel.

 

The regional carrier reaffirmed guidance that it expects to deliver fiscal 2009 profit in line with the prior financial year's result of $24.3 million.

 

Rex's net profit for the six months ended December 31 rose 1.9% to $10.5 million, from $10.3 million in the previous corresponding period. The company said passenger numbers fell by 8.9% to 703,725 in the first half.

 

The operating climate had deteriorated further, the airline said, with January 2009 passenger numbers down by 20%.

 

Rex declared no interim dividend.

 

Rex deputy chairman John Sharp said the company's first half results were ``outstanding'' given the current global economic environment.

 

"We've been preparing for the global financial crisis for some years,'' Mr Sharp said on a teleconference on Wednesday. "These results demonstrate the strength of this company.''

 

Rex shares were steady at 90 cents in midday trade.

 

Virgin Blue on Tuesday announced 400 jobs would be affected when it axes as many as five aircraft from its local fleet, although it was too early to say whether these would include redundancies.

 

AAP

 

http://business.theage.com.au/business/vir...90218-8azq.html

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  • 1 month later...
Starting to creep up again, looks like she could run soon
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REX is coming out of deep slumber ;)

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