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SATS reports growth peak in 3QFY2011, Chinese airport shares trade lower

SATS reports higher volumes across all operations in the third quarter of FY2010-2011 (three months to Dec-2010), with strong growth in flights handled. The Sinagpore-based airport ground handling company reports that growth peaked in the third quarter. Growth levels across all metrics in the third quarter were well below those over the first half of the financial year, notably in passengers handled.

SATS traffic statistics, three months to Dec-2010:

  • Unit services: 4.4%
  • Flights handled: 5.8%
  • Cargo/mail: 3.2%
  • Passengers handled: 2.1%
  • Unit meals: 4.7%
  • Gross meals: 4.3%

Nine months to Dec-2010

  • Unit services: 5.1%
  • Flights handled: 7.1%
  • Cargo/mail: 7.7%
  • Passengers handled: 8.6%
  • Unit meals: 7.2%
  • Gross meals: 7.4%

Shares in SATS rose 0.7% in trading on Monday.

Elsewhere, shares in Guangzhou Airport fell 4.1% in trading yesterday, while Xiamen Airport shares closed 2.9% lower. Other Chinese airports also fell, including Shanghai (-0.7%), Hainan Meilan (-0.6%) and Beijing (-0.5%)

Selected airport daily share price movements (% change): 17-Jan-2011

ABD