Sats Q2 net profit rises 2.8% to S$81.1 million on higher cargo and meal volumes
Cargo and meal volumes lift Sats Q2 revenue by 9%; interim dividend unchanged at 2 Singapore cents
Sats, a cargo handler and airline caterer, reported a 2.8% increase in net profit to S$81.1 million for the second quarter, ending September 30. This growth was driven by higher cargo and meal volumes, despite a Middle East conflict raising input costs and disrupting operations. Net profit per share was 5.4 Singapore cents, up from 5.3 Singapore cents a year earlier.
Interim dividends remained unchanged at 2 Singapore cents per share. Revenue increased 9% to S$1.71 billion, while operating profit fell 7.6% to S$145.4 million. Gateway services revenue rose 10% to S$1.3 billion, with cargo revenue up 10.9% to S$900.4 million and ground handling revenue up 8% to S$436.2 million. Food solutions revenue grew 5.6% to S$376.5 million on stronger demand for aviation and non-aviation meals.
Cargo volumes processed increased 8% to 2.6 million tonnes, with the Americas seeing a 19.4% increase.
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