SATS posts 9% fall in 2Q earnings to $66 mil; declares 6-cent dividend

SINGAPORE (Nov 8): SATS Ltd, the provider of gateway and food solutions, has announced 2Q19 earnings of $65.7 million, down 9% from $72.2 million a year ago in the absence of a one-off gain on disposal of assets held for sale, as well as lower contributions from associates/joint ventures (JVs).

Notwithstanding the one-off gain of $7 million in 2Q18 – which was related to the deconsolidation of SHK and restructuring of Jilin Zhong Xin Cheng Food and SG IPF – underlying profit would have grown 0.8% y-o-y, says SATS.

Revenue for 2Q grew 4.2% to $453.1 million from $434.8 million a year ago as volume in Food Solutions and Gateway Services registered revenue growth of 2.5% and 6.3% to $250.9 million and $201.6 million, respectively.

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