SATS revenue up 79.2%, profits also surge in 3QFY2010

Singapore Airport Terminal Services (SATS) revenue up 79.2% - financial/traffic highlights for the three months ended 31-Dec-2009:

• Operating revenue: USD308.0 million, +79.2% year-on-year;
  • Airport Services: USD92.1 million, -2.3%;
  • Food Solutions: USD215.0 million, +177.1%;
• Cost: USD266.9 million, +89.1%;
• Operating profit: USD41.1 million, +33.6%;
• Profit before tax: USD47.9 million, +33.9%;
• Net profit: USD37.9 million, +42.0%;
• Passenger numbers: 8.9 million, +8.9%;
• Flights handled: 24,680, +8.8%;
• Cargo volume: 377,330 tonnes, +5.2%. [more]

*Based on the conversion rate at USD1 = SGD1.41

SATS: "Recent industry statistics indicate the bottoming out of the aviation downturn. Activity levels have improved quarter-on-quarter, albeit still below pre-crisis levels. Coming off the peak October-December quarter, the fourth quarter of the financial year is traditionally the weakest quarter for Singapore's aviation sector. However, with the continual recovery in this sector, the Group expects to see year-on-year improvements in passenger and cargo loads. SFI consolidation also adds balance to the Group's performance as the seasonal strength of the UK food business and SFI's Singapore business help to even out the seasonal impact on the regional aviation activities," Company statement. Source: SATS, 04-Feb-2010.