SATS operating profit up 15% in 2QFY2013

SATS revenue up 9% - financial highlights for three months ended 30-Sep-2012:

• Operating revenue: SGD461.5 million (USD371.7 million), +8.8% year-on-year;
• Operating profit: SGD52.1 million (USD42.0 million), +15.0%;
• Net profit: SGD50.3 million (USD40.5 million), +25.4%;
• Passengers handled: 10.0 million, +4.9%;
• Cargo processed: 369,190 tonnes, -2.6%;
• Flights handled: 30,210, +5.5%;
• Unit meals produced: 5.5 million, +5.6%;
• Total assets: SGD2001 million (USD1611 million), -5.7% when compared to period ended 31-Mar-2012;
• Cash and short-term deposits: SGD325.1 million (USD261.8 million), -31.1% when compared to period ended 31-Mar-2012;
• Total debt: SGD159.6 million (USD128.5 million), +1.0% when compared to period ended 31-Mar-2012. [more - original PR]

*Based on the average exchange rate at USD1 = SGD1.2416 for the period

SATS: "Uncertainty in global air travel demand persists amid the trying global economic environment and the slowdown in Europe. Airfreight demand remains weak on the back of lower consumption in advanced economies. Changi Airport's fundamentals continue to be supported by regional traffic growth and network enhancement by some airlines. However, decline in air cargo throughput is likely to continue in the coming months. We expect the growth momentum in our food business to continue, underpinned by the seasonal uplift in the third quarter, and continued management of raw material costs." Source: Company statement, 06-Nov-2012.