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SATS chalks up higher profit for Q3 FY16
GROUNDHANDLER SATS reported a net profit of S$60.6 million for Q3 FY16, up from S$53.7 million a year ago, partly due to lower expenditure.
This is despite revenue falling to S$441 million from S$450.7 million as revenue from its food solutions business dropped 7.1 per cent to S$251 million, due to the transfer of its food distribution business to joint venture company SATS BRF Food in June last year and the weakening of the Japanese yen.
Earnings per share rose to 5.5 Singapore cents, up from 4.8 Singapore cents in the corresponding quarter a year prior.
SATS said: "Economic uncertainty and low consumer confidence across most of Asia suggest that the challenging operating environment will continue. However, our focus on raising productivity by adopting new technologies and driving economies of scale has prepared us well for these headwinds."