SINGAPORE (July 23): Airline gateway services and food solutions provider SATS has seen its share price tumble more than 9% since last week.
On July 18, SATS posted a 14.4% drop in earnings to $54.7 million for the 1Q20 ended June – missing consensus estimates by a mile.
The disappointing results came on the back of weakening air cargo volumes, even as SATS was impacted by one-offs including the suspension of Jet Airways, the grounding of Boeing’s 737 Max aircraft, and credit provisions.
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