- POSTED: 22 May 2014 18:57
- UPDATED: 22 May 2014 20:58
Amid rising costs and industry pressures, airport and cruise terminal services provider SATS reports 7.8 percent net profit decline for Q4 ended March.
SINGAPORE: Airport and cruise terminal services provider SATS reports a 7.8 percent on-year decline in net profit to S$42.6 million for its fourth quarter ended March.
This brings its full year net profit to S$180.4 million, down 2.4 percent from the year before.
All operating metrics grew year on year except meal volumes.
The group says the decline comes on the back of rising costs and ongoing pressures in the regional aviation industry which is struggling with overcapacity.
Looking ahead, the group expects moderate growth in passenger traffic and marginal growth in airfreight at Changi Airport.
However, despite the challenging outlook, the group is confident on its medium- to long-term growth prospects, as it expects excess capacity to be absorbed by passenger growth.
SATS provides aviation gateway services and food solutions, serving close to 60 scheduled airlines at Changi Airport.