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SATS Q4 profit slips 1.8%; slowdown in food solutions offset by pickup in gateway services

FOURTH quarter net profit at in-flight catering service provider SATS inched down 1.8 per cent from a year earlier to S$65.4 million, with a slowdown in the food solutions business offset by a stronger showing in gateway services.

Revenue for the three months ended March 31 was S$423.5 million, down 0.5 per cent over the same period last year.

This came as turnover in the food solutions business declined 2.4 per cent to S$228.3 million, while gateway services' revenue grew 1.7 per cent to S$194.7 million despite the sale of SATS HK Limited.

The quarter also recorded a non-operating income of S$8.5 million posted by the group's Japan subsidiary, TFK Corporation, for the disposal of its Brazil unit, Tokyo Flight Kitchen Restaurantes and its investment property.

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Earnings per share for the quarter came in at 5.9 Singapore cents, from six Singapore cents a year earlier.

Net asset value per share was S$1.464 as at March 31, from S$1.439 on the same date last year.

For the full year, the company recorded net profit of S$261.5 million, up 1.4 per cent. Revenue was 0.3 per cent down at S$1.72 billion.