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SATS's Q1 net profit up 29% on property disposal gains

Thursday, July 21, 2016 - 17:54
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AIRPORT groundhandler SATS's earnings grew 29.2 per cent in the first quarter, boosted by a one-time gain from the sale of property.

AIRPORT groundhandler SATS's earnings grew 29.2 per cent in the first quarter, boosted by a one-time gain from the sale of property.

The firm recorded net profit of S$64.1 million for the three months ended June 30, up from S$49.6 million a year ago. This translates to earnings of 5.8 cents per share.

Its group revenue inched up 1.8 per cent to S$424.2 million, on the back of stronger volume growth across stations in key locations.

SATS made a gain of S$9.3 million on the disposal of its Senoko property which was completed on June 30.

The group said on Thursday it will continue to focus on improving its productivity by harnessing technology.

"This will position us well to weather the global economic and political uncertainties as well as intense competition," it said. "Airline load factors are improving but yields remain under pressure."