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| Picture by Jason Suters |
Australian regional airline Rex - Regional Express says the worst appears to be over after its massive 45 per cent fall in profits last financial year.
"We believe that the Rex group is now well poised to take advantage of the upturn of the economy when that happens," deputy chairman John Sharp told the company's annual meeting.
"Our passenger numbers have stopped declining and fuel prices have remained low during the first part of this financial year." Rex's net profit fell to $7.7 million in 2013/14 after passenger numbers dropped 3.4 per cent.
Shareholders missed out on a dividend last financial year as a result of the profit fall, but they were told on Wednesday Rex would be in a position to significantly increase its dividend payout ratio once the airline's recovery was well underway.
Rex expects to lift its full year profit in 2014/15 as passenger demand has stabilised.