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.
