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SINGAPORE : Singapore Airport Terminal Services (SATS) first quarter net profit fell 28 per cent to S$34.5 million, despite revenue rising 5 per cent to S$244 million.
The company experienced higher costs in the first three months due to higher staff costs for Terminal 3 operations at Changi Airport. Higher food, fuel and utilities costs also contributed to the increased expenditure.
Going forward, SATS said the slowing world economy will continue to dampen global air traffic growth. It also expects fuel and food costs to trend upwards.
However, it is cautiously optimistic that there will be modest revenue growth as its key customers continue to take delivery of new aircraft.
SATS provides integrated ground handling and airline catering services at Singapore Changi Airport. - CNA /ls
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