SATS has reported earnings of $6.8 million for its 2Q, a turnaround from losses of $33.2 million last year.
See: SATS's food solutions venture to drive growth in non-travel food business with Singapore F&B brands
Revenue in the same period was up 27.2% y-o-y to $293.9 million, led by bigger cargo volumes and also strong growth in its food business outside of the travel industry.
However, the bottom line was lifted by government support. Without which, SATS would be $30.1 million in the red.
SATS notes that its strategy to grow its non-travel related revenue has shown results with a revenue increase of 27% y-o-y hit nearly half, or 47%, of its total revenue in 2Q.
Given the “persistent and significant uncertainties”, SATS will not pay an interim dividend this time round.
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While SATS focused on its non-travel business amid the pandemic, it “made sure” that it is kept its “deep domain capabilities” to support the rebound in air travel.