SATS Q1 profits up 11.5% to $63.9m

Its revenue for both food solutions and gateway services grew.

SATS’ profits for the first quarter of 2018 jumped 11.5% to $63.9m from $57.3m last year, whilst revenue went up by 3% to $439.4m from $426.75m last year.

According to its financial statement, it recorded higher revenue for Food Solutions (+2.7%) at $239.5m and for Gateway Services (+3.4%) at $199.6m. Revenue was still hit by the deconsolidation of SATS HK Limited (SHK).

Group expenses rose by 0.4% to $374.5m, led by the higher cost of raw materials, licence fees, as well as depreciation and amortisation charges.

Share of results from associates/joint ventures dipped by 1.3% to $15.3m with lower contributions from Gateway Services’ associates/joint ventures, partially compensated by Food Solutions’ improved performance.

SATS commented, “Despite the threat of global trade uncertainties potentially affecting cargo volumes, we expect passenger volumes in Asia to grow. At the same time, rapid urbanisation in the region will drive demand for safe, high-quality food, and more cruise ships will be deployed in Southeast Asia to keep pace with burgeoning consumer interest.”

However, it warned that pricing pressures will remain.

Also Read

Soup Holdings disclosed food safety regulations violation and receipt of intended summons

Food factory at 30 & 32 Tuas Avenue 12 up for sale for $19.0m

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit