Australian air carrier Regional Express (Rex) was named on Monday the best performing airline in the country during the Aviation Week and Space Technology's yearly Top Performing Airlines awards.

Rex placed fifth overall in the global top 10 best performing airlines list based on financial health, earnings performance, capital efficiency and business model performance, reported The Australian.

Australian flag carrier Qantas was only 50th place in the global list, while Tiger was on 59th place and Virgin Australia 65th. For Rex, it was the sixth straight year that it secured the highest ranking among regional carriers.

However, when airlines were ranked based on those with revenues greater than $6 billion, Qantas finished 17th of 23. For the $2 billion-$6 billion group, Virgin Australia was 22nd out of 24, while for the $250 million-$2 billion category, Rex was 3rd and Tiger was 19th of 20.

Rex has a fleet of over 40 Saab 340 jets that offer 1,300 weekly trips to 36 destinations across New South Wales, Victoria, Tasmania, South Australia and Queensland.

Commenting on the company's recognition, Rex Executive Chairman Lim Kim Hai said, "While the Rex Group's profit have significantly declined in the past two years, Rex's strong fundamental have enabled it to maintain its placed amongst the best performing airlines in the world."

Below is the complete list of the top 10 best performing airlines.

1. Copa Holdings (Panama)

2. Allegiant Travel Co (U.S.)

3. Spirit Airlines (U.S.)

4. Japan Airlines (Japan)

5. Regional Express (Australia)

6. EasyJet (UK)

7. Aegean Airlines (Greece)

8. Alaska Air Group (US)

9. WestJet Airlines (Canada)

10. Ryanair Holdings (Ireland).