SATS profits down 5% to $248.4m in FY1819

Earnings per share fell to $0.223.

SATS ended its FY1819 on a dismal note as profits dipped 5% YoY to $248.4m from $261.5m due to lower one-off gains. Meanwhile, revenue grew 6% to $1.82b over the same period.

In Q4, profits fell 23.7% YoY to $49.9m from $65.4m whilst revenue grew 11% to $471.5m from $423.5m a year ago.

Revenue from food solutions increased 4.4% to $988.2m, with higher contributions from its Japan subsidiary, TFK, and the growth of its non-aviation business in China. Gateway services’ revenue improved 7.9% YoY to $837.8m, driven by volume growth in flights handled, improved performance in cruise terminal operations.

Meanwhile, shares of results from associates/joint ventures decreased 17.3% YoY to $58.9m, with lower contributions from food solutions’ division.

The group’s earnings per share also dipped 4.7% YoY to $0.223 in FY1819.