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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Regional Express Holdings Limited    REX   AU000000REX1

REGIONAL EXPRESS HOLDINGS LIMITED

(REX)
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Australia's Rex signs deals to lease six 737 planes for planned Sydney-Melbourne route

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09/30/2020 | 12:51am EDT

SYDNEY, Sept 30 (Reuters) - Regional Express Ltd (Rex) said on Wednesday it had signed provisional deals with two lessors for six Boeing Co 737 planes as part of its plan to expand beyond regional flights to launch jet services between major Australian cities.

The flights would compete against those offered by the country's dominant airlines, Qantas Airways Ltd and Virgin Australia Holdings Ltd, from March 1, 2021 at a time when they are struggling financially due to the COVID-19 pandemic.

Rex Deputy Chairman John Sharp said in a statement the airline planned for three of the jets to be deployed on the Sydney-Melbourne route from March, with another two entering service by Easter.

"From there, Rex will continue to grow the domestic fleet in line with the return of passenger demand and hopes to see its fleet of 737-800 NGs to reach 10 by year end," he said.

Rex last week said it was in advanced talks with Asian investment firm PAG Asia Capital for up to A$150 million ($106.71 million) of funding for the jet services.

It would be a major expansion for Rex, which currently operates on less competitive regional routes like Sydney to Wagga Wagga and Adelaide to Port Lincoln using a fleet of ageing Saab 340 turboprops with 30 to 36 seats.

($1 = 1.4057 Australian dollars) (Reporting by Jamie Freed; Editing by Rashmi Aich)


Stocks mentioned in the article
ChangeLast1st jan.
GROUP LEASE -7.08% 2.1 End-of-day quote.-50.47%
NIGHTHAWK GOLD CORP. 0.00% 1.23 Delayed Quote.-51.54%
QANTAS AIRWAYS LIMITED -1.56% 4.43 End-of-day quote.-37.69%
REGIONAL EXPRESS HOLDINGS LIMITED 0.35% 1.435 End-of-day quote.21.61%
SHARP CORPORATION -2.11% 1252 End-of-day quote.-25.70%
THE BOEING COMPANY -4.57% 148.14 Delayed Quote.-54.52%
VIRGIN AUSTRALIA HOLDINGS LIMITED 6.17% 0.086 End-of-day quote.-42.67%
WEDGE HOLDINGS CO., LTD. -4.19% 160 End-of-day quote.39.13%
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Financials
Sales 2020 259 M 183 M 183 M
Net income 2020 -19,4 M -13,7 M -13,7 M
Net Debt 2020 5,51 M 3,90 M 3,90 M
P/E ratio 2020 -6,66x
Yield 2020 -
Capitalization 157 M 112 M 111 M
EV / Sales 2019 0,44x
EV / Sales 2020 0,52x
Nbr of Employees 661
Free-Float 27,8%
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Managers
NameTitle
Kim Hai Lim Executive Chairman
Neville Howell Chief Operating Officer & Executive Director
Mayooran Thanabalasingam GM-Information Technology & Communications
John Sharp Deputy Chairman
James Davis Independent Director
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