SATS posts S$5.1m Q3 net profit; provided S$10.7m for Genting overdues

MAINBOARD-LISTED inflight caterer and ground handler S58 reported earnings of S$5.1 million for the third quarter, reversing a S$2.8 million loss a year ago, thanks to more business activities and improved performance from its associates and joint ventures.

The firm would, however, have clocked a loss of S$33 million for the quarter if not for state reliefs, said SATS in a business update on Wednesday (Feb 23). Earnings per share came in at 0.5 cent, compared to a loss per share of 0.2 cent for the corresponding period a year ago.

Top line rose by 22.6 per cent to S$307.8 million from S$251 million, as passengers, flights, freight and ship calls handled as well as meals served all rose year on year. SATS benefited from the "gradual recovery" the travel industry was making as borders reopened.