In FY2008, passengers transported was 1.495 million and profit...

In FY2008, passengers transported was 1.495 million and profit before tax was $32.5 million. Load factor was 68.1%.

Since 2008, Rex has added the Qld and WA routes to the network and in FY2017 ferried 1.19 million passengers and profit before tax was $17.8 million. Load factor was 57.3%.

Even with the lower passenger numbers, Rex is already generating more revenue now than compared to FY2008 so think of the earnings potential if load factor get back up to say 65% given the larger network and the fixed cost nature of this business?  

http://chasingvalue.com.au/