Shares of Sats up 6.4% after posting rise in Q4 earnings

[SINGAPORE] Shares of Sats on Tuesday (May 26) morning were trading higher, after the company posted a 31 per cent year-on-year rise in net profit to S$50.7 million for the fourth quarter ended Mar 31.

The counter rose as high as S$3.60 as at 11.25 am, up 6.4 per cent or S$0.23, with 14.4 million shares changing hands.

By the midday trading break, it was up 6.5 per cent or S$0.22 at S$3.59, with 15.2 million shares transacted.

Sats was the largest gainer on the Straits Times Index in the morning.

The company said that conflict in the Middle East, which escalated in the final month of Q4, “weighed on revenue, costs, operating profit and associates and joint ventures’ earnings”, reported The Business Times previously.

That said, revenue for the period still came in at S$1.6 billion, up 9.8 per cent year on year from S$1.5 billion.

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Sats posts 31% rise in Q4 profit despite impact of Middle East conflict

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Its final dividend proposed stands at S$0.05 a share, an increase from S$0.035 a year before.