SATS posts net loss of 43.7 mil in 1Q20/21

Food solutions and gateway services provider SATS posted a net loss of $43.7 million for the 1Q20/21 ended June, falling from earnings of $54.7 million a year ago.

The 180% plunge y-o-y was attributable to a sharp decline in aviation revenue and contribution from share of results of associates and joint ventures largely due to the impact from the Covid-19 pandemic.

SATS says the loss was “in line” with the guidance it posted on July 29 during its 4Q and FY19/20 results.