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SATS Q1 net profit falls 10.6% in absence of one-time gain

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Net profit at SATS Ltd fell by a year-on-year 10.6 per cent to S$57.3 million for the three months ended June 30 due the absence of one-time gain. Underlying net profit had inched up by 3.2 per cent.

NET profit at SATS Ltd fell by a year-on-year 10.6 per cent to S$57.3 million for the three months ended June 30 due the absence of one-time gain. Underlying net profit had inched up by 3.2 per cent.

Revenue was 0.5 per cent higher at S$426.5 million for the first quarter of financial year 2018, the aviation food solutions and gateway services provider said in a release after market close on Friday. Earnings per share fell by 12.1 per cent to 5.1 cents.

SATS said that its net profit fell by S$6.8 million, mainly due to the absence of last year's gain from the sale of the Senoko plant. But underlying net profit improved by S$1.8 million.

Looking ahead, SATS said that low yields will continue to weigh on the aviation industry. It, however, is bullish about the growth in air travel, e-commerce and demand for high quality, safe food, and therefore intends to invest more in capital and new business opportunities in more locations in the coming year.

sentifi.com

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SATS' counter rose by 0.99 per cent, or 5 cents to close on Friday at S$5.080 before the announcement.

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