News: Rex flags profit dip

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Regional Express Holdings Limited (ASX:REX) says it expects its profit to fall in the current financial year because of weak economic growth, the high Australian dollar and rising fuel prices.

 

The regional airline told shareholders at its annual general meeting that its full year performance in fiscal 2014 will significantly deteriorate from the previous year.

 

The company says continued weakness in the economy in the first three months of the 2014 financial year is likely to impact its full year perfomance.

 

The foreign exchange rate and fuel prices are also impacting the company. 

 

Rex generated a net profit of $14 million in fiscal 2013.