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SATS FY18 earnings down on absence of one-off gain; buying 50% of Nanjing food firm for $31 mil

Benjamin Cher
Benjamin Cher5/17/2019 08:25 AM GMT+08  • 3 min read
SATS FY18 earnings down on absence of one-off gain; buying 50% of Nanjing food firm for $31 mil
SINGAPORE (May 17): SATS continues its revenue growth with its FY18 ending Mar 31 results, with a 6% increase y-o-y to $1.8 billion, on the back of another strong 4Q2018 ending Mar 31 results which saw revenue grow 11.3% y-o-y to $471.5 million.
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SINGAPORE (May 17): SATS continues its revenue growth with its FY18 ending Mar 31 results, with a 6% increase y-o-y to $1.8 billion, on the back of another strong 4Q2018 ending Mar 31 results which saw revenue grow 11.3% y-o-y to $471.5 million.

Earnings however fell 5% y-o-y for FY18 to $248.4 million, while 4Q2018 saw earnings drop 23.7% to $49.9 million. This drop came on the back of a one-off disposal of assets and the finalisation of a valuation for an acquisition. In the absence of these one-offs, SATS earnings for FY18 should be up 2.2% and its 4Q18 would be 5.4% lower.

Both the Food Solutions and Gateway Services business units drove revenue growth for 4Q18. Food solutions saw increases across its core catering subsidiaries while Gateway services’ increase was driven by improving contributions from cruise terminal operations at Marina Bay Cruise Centre consolidation of Ground Team Red. This was offset by the lower shares of results from associates and joint ventures, which plunged 62.9% to $8.9 million due to lower contributions.

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