SATS Q1 net slips 14.4% on macro headwinds

Singapore

A WEAKER global economy put a dent in airport and food services provider SATS' first-quarter net profit, which fell 14.4 per cent from the same period a year earlier to S$54.7 million.

Revenue was S$465.1 million, up 5.8 per cent from the same period a year earlier, though growth in the gateway services and food solutions segments was partially offset by lower cargo revenue. Cargo volume handled in the first quarter was 1.6 per cent lower than in the same period a year earlier, due to "global trade uncertainties", SATS said.