Rex plunges to first loss in over a decade

AIRLINE Regional Express has taken massive writedowns on a corporate jet subsidiary, sending the company into the red.

REGIONAL Express has posted its first loss in more than a decade due to the loss of a defence force contract.

THE airline known as Rex made a loss of $11.4 million in the six months to December 31, due to almost $15 million in writedowns related to its charter jet business Pel-Air and fuel price hedging.