Despite facing a 5% drop in passenger demand, Regional Express Holdings (REX) has achieved a record profit after tax of $24.6 million for the 2009/10 financial year.

Rex Executive Chairman Lim Kim Hai said, “Fortunately, through sound financial management, Rex was able to take full advantage of all the fiscal incentives put in place by the Government to assist the economy.

“Together with efficiency gains and careful attention to costs, we were able to overcome the deficit of revenue to achieve a very satisfactory outcome.

“The outcome is all the more satisfying when we consider that the underlying profits before tax of Qantas International, Domestic and Regional combined was only about $60 million.”

Rex declared a fully franked final dividend of 6.6 cents per share.