Regional Express Holdings Limited (REX) reported a 22.9% drop in first quarter profit versus the previous corresponding period to $3.7 million. In the same period Rex said passenger revenue fell 14.6% to $47.5 million and total revenue slid 15.8% to $56.9 million. The independent regional airline expects the following quarter to achieve similar results to the prior year.

Trinity Limited (TCQ) announced the sale of a retail asset in North Queensland for $9.1 million. The company said the asset is a standalone supermarket currently fully leased by Coles Group Ltd and was acquired three years ago for $9 million. Trinity said the sale was part of an ongoing strategy to dispose of non-core assets.

HGL Limited (HNG) posted a net profit after tax of $8 million for the year to 30 September 2009 on sales revenue of $164.7 million. A year earlier the company reported a loss of $7.4 million. HGL also declared a final dividend of 5c per share. The company said the sale of shares in listed companies, including MMC Contrarian, realised $25.7 million and net debt has been reduced from $34.1 million to $13.4 million.