Sats Q3 profit down 14%; warns of hit from Covid-19 epidemic

Singapore

MAINBOARD-LISTED aviation services provider Sats has warned that its short-term showing could take a hit from the deadly Covid-19 epidemic, even as it posted a fall in third-quarter earnings on the back of higher, expansion-related costs.

Net profit fell by 13.9 per cent year on year to S$59.3 million for the three months to Dec 31, 2019, even as revenue grew by 17.6 per cent to S$545.6 million against the year prior. The higher turnover came on growth in both the food solutions and gateway services segments, Sats said in financial statements on Thursday, citing the consolidation of new units, such as Country Foods Pte Ltd and Nanjing Weizhou Airline Food Corp.