Q1 profit at SATS slides to S$43.3m

GATEWAY services and food solutions provider SATS has reported a net profit of S$43.3 million for the first quarter ended June 30, 2014, down 6.3 per cent year on year, due in part to lower contributions from associates and joint ventures.

Group revenue was flattish, edging up just 0.2 per cent to S$435.2 million. Gateway revenue was up 2 per cent on the back of growth in flights and airfreight handled, but this was offset by lower food revenue, which dipped 0.9 per cent due to the weaker Japanese yen.

Earnings per share came to 3.9 Singapore cents for the quarter under review, down from 4.1 Singapore cents previously.