Ann: Chairman's Address to Shareholders, page-4

Despite better passenger loadings than its abysmal start, all REX can say about its intercapital jet flights (Boeing 737-800 aircraft) is that they're now marginally profitable.

QAN is charging astronomical domestic fares and unlisted Virgin Australia isn't far behind. It's surprising that REX's gross (and net) profit from this sphere of its operations isn't higher. There have been many establishment costs but these should gradually be modertaing.

What it points to is the incredibly high unit cost base of airlines.

Most are not great businesses.