Profits have made a big leap at Regional Express, with the airline posting quadruple profits for the 2017.
REX Chairman, Lim Kim Hai, says that it's proven to be another challenging year for the aviation industry; with Qantas, Air New Zealand and Singapore Airlines all reporting significant declines.
Virgin Australia's slump was the most significant at $300M.
The regional carrier has been able to buck the trend, posting a statutory profit before tax of $17.8M on a turnover of $281M.
That's up from $4.3M on the previous year. This year's profit after tax was $12.6M.
Mr Lim says that he expects the declines the carrier has experienced in the prior 6 years to bottom out with a modest but clear recovery of passenger numbers