SATS Q2 profit down 3.2%

SATS Ltd posted a 3.2 per cent decrease in net profit to $48.7 million for the second quarter ended Sept 30, 2013, as a fall in revenue outpaced a decline in operating expenditure.

Revenue for the quarter slipped 2 per cent to $452.1 million, while operating expenditure fell one per cent to $405.5 million.

For the first half of the year, revenue was 1.4 per cent down at $886.6 million, as its food solutions segment recorded a 5.7 per cent decline in revenue to $546.2 million. This was attributed to lower revenue from SATS's Japan-based unit, TFK Corporation, owing to a weaker yen.