SATS Q1 earnings up 29% on one-time disposal gain

Singapore

EARNINGS for airport ground handling firm SATS grew 29.2 per cent in the first quarter, boosted by a one-time gain from the sale of property.

The firm recorded net profit of S$64.1 million for the three months ended June 30, up from S$49.6 million a year ago. This translates to earnings of 5.8 cents per share.

The robust growth was in spite of group revenue inching up by only 1.8 per cent to S$424.2 million.

Sales in the food solutions segment slipped 0.5 per cent to S$240 million, largely due to the transfer of the food distrib…