SATS profits even as aviation business down
Singapore Airports Terminal Services (SATS) has reported a 17 per cent rise in first quarter net profits, even though its aviation business has continued to flounder in line with the global economicdownturn. The ground-handling firm says that its net profit for the three months ended 30 June increased by S$5.9 million (US$4.1 million) to S$40.4 […]
September 1, 2009
The ground-handling firm says that its net profit for the three months ended 30 June increased by S$5.9 million (US$4.1 million) to S$40.4 million, buoyed by a 44 per cent increase in group revenues to S$351.7 million.
However, the Singapore Airlines subsidiary says that the revenues from its airport services segment fell by 9.9 per cent to S$120.9 million, mainly due to the decrease in cargo throughput and the number of passengers handled.
Ã¢â‚¬Å“Profit contribution from our aviation business is expected to remain weak. Continued vigilance over cost in this segment will be our priority as we ride out this difficult period,Ã¢â‚¬Â said SATS.
SIA said in May that it would give its shareholders a dividend Ã¢â‚¬Å“in specieÃ¢â‚¬Â of the shareholding as it moves to shed the business allowing it to concentrate on its airline and aircraft maintenance business, while SATS would be able to pursue opportunities that lessen its dependenceon the aviation business.