SATS swings into 3Q loss of $2.8 mil amid travel restrictions

SATS has swung into a net loss of $2.8 million in 3QFY2021 ended Dec 31 from earnings of $59.3 million in the same quarter the previous year.

The net loss could have been wider, if not for an uptick in air cargo volumes and improved contribution from overseas entities, the in-flight caterer says in a Feb 10 business update.

SATS’s revenue plunged 54% y-o-y to $251 million as its gateway and food businesses recorded lower top line contributions.

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