SATS profit down 11.3% to $40.1m in the second quarter

There were lower cargo volumes handled by SATS’ gateway services associates in Hong Kong and Vietnam.

A company announcement said SATS’ share of profits of associated and JV companies declined 16.4% to $13.3 million.

This consequently affected profit attributable to equity holders despite revenue growth of 32.3% to $424.2 million as a result of higher revenue contributions from both gateway services and food solutions businesses.

Group operating expenditure rose 35.7% to $378.9 million, with TFK accounting for nearly 80% of the increase. As a result, SATS earned an operating profit of $45.3 million, up 9.7% year-on-year.

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