Corporates: Rex, PetSec, Lion Nathan

  Regional airline, Regional Express Holdings & #160;(REX) has produced not a bad result for the third quarter, given all the gloom surrounding the airline business and the recession.It said yesterday third quarter profit & #160;fell 6.3% as passenger numbers declined.It & #160;warned that & #160;annual earnings will be around 10% lower than last year (but those at Qantas will be down a lot more, & #160;as we know).The regional airline operator said pre-tax profit for the three months ended March 31 fell to & #36;7.5 million, from & #36;8 million in the same period last year. & quot;The company has advised that its net earnings for the full financial year could be up to 10 per cent below that of last year, & quot; it said in a statement and presentation to the ASX.The airline said its freight business saw a 25% quarter on quarter fall in volumes, while the load factor was down to 63% from 67% for the passenger side.Passenger revenue fell 10.8% to & #36;45.4 million as passenger numbers dropped a substantial & #160;near 20% to 292,386.The third quarter result left & #160;the airline's 9 month pre-tax profit & #160;up 1.9% at & #36;21.9 million.That again is a better performance than at Qantas (relatively speaking).REX made a pre-tax profit of & #36;32.48 million in 2007-08. & #160;No wonder Rex shares rose 2.5c to 87.5cyesterday.  

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