Sats H2’s bottom line down 16.7% to S$6 million as higher expenses eat into profits

IN-FLIGHT caterer and ground handler Sats on Monday (May 29) reported earnings of S$6 million for the six months ended March 2023, down 16.7 per cent year on year as expenditures exceeded revenue and inflation started to bite.

This comes despite a 57.1 per cent increase in revenue to S$953.8 million in the second half of FY2023 from S$607.3 million in H2 FY2022 – partly on the back of a recovery in aviation, said the group in a bourse filing.

Operating expenditure jumped 46.7 per cent year on year to S$959.5 million during H2 FY2023, in tandem with increased activity from the aviation recovery and inflation. Meanwhile, job-support grants declined.