Sats rises 2.5% on Q1 profit growth
The counter climbed 5.7% to hit a three-week high of S$3.36 in early trade
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[SINGAPORE] Shares of ground handler and in-flight caterer Sats advanced on Thursday (Aug 21), a day after the group posted higher first-quarter profit.
The counter hit an intraday high of S$3.36 at 9.02 am, shortly after market open, with some 2.4 million shares changing hands. This was 5.7 per cent or S$0.18 above its Wednesday closing price of S$3.18.
It last traded above this price more than three weeks ago, on Jul 29, ShareInvestor data indicated.
It later pared its gains and closed Thursday at S$3.26, still up by 2.5 per cent or S$0.08, with some 10.7 million shares transacted.
On Wednesday, the group announced that its profit for Q1 ended Jun 30 grew 9.1 per cent on the year to S$70.9 million.
Its revenue for the period was up 9.9 per cent at S$1.5 billion. Notable customer wins for the quarter included carriers Cathay Cargo, Cathay Pacific and Emirates SkyCargo.
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