Sats swings back into the black for Q1 but braces for cut in government relief

It posted a net profit of S$6.4m for the three months to June 30, reversing from a loss of S$43.7m previously

Uma Devi

Published Fri, Jul 23, 2021 · 05:50 AM

Singapore

IN the early days of the Covid-19 pandemic, ground-handler and in-flight caterer Sats was the beneficiary of generous government dole-outs in the forms of wage subsidies through the Jobs Support Scheme (JSS).

One year later, chief executive Alex Hungate said he expects these government grants to be "substantially reduced" for FY2022 ending March 2022, but the company will focus on reshaping its cost base and building new capabilities to support future growth.

In a call with reporters and analysts to discuss the company's financial results for Q1 ended June, Mr Hungate said the grants for the current fiscal year could be as much as half that of last year's. He added, however, that he is unable to accurate…