Sats' Q4 net profit drops 7.8% but rises 8.1% to $184.8 million for the full year

Good growth in Asia's aviation sector boosted full-year profits at Changi Airport's biggest ground-handling firm, Sats. Earnings for the year to March 31 rose 8.1 per cent year-on-year to $184.8 million, the firm reported yesterday. -- FILE PHOTO: SA
Good growth in Asia's aviation sector boosted full-year profits at Changi Airport's biggest ground-handling firm, Sats. Earnings for the year to March 31 rose 8.1 per cent year-on-year to $184.8 million, the firm reported yesterday. -- FILE PHOTO: SATS

GOOD growth in Asia's aviation sector boosted full-year profits at Changi Airport's biggest ground-handling firm, Sats.

Earnings for the year to March 31 rose 8.1 per cent year-on-year to $184.8 million, the firm reported.

This was despite a 7.8 per cent dip in fourth-quarter profits, which was due mainly to a provision for impairment of deferred consideration on the sale of British food firm, Daniels Grop.

Sats completed the disposal of its take in October 2011.

Its full-year earnings came on the back of a 7.9 per cent jump in turnover which hit $1.82 billion.

Spending during the time grew slightly slower by 7.3 per cent to $1.63 billion.

Sats which handles about 80 per cent of total flights at Changi expects growing business at the airport and within the region to provide new opportunities going forward, said president and chief executive officer Tan Chuan Lye.

The firm operates in 36 airports in 10 countries in Asia and the Middle East.

In the 12 months to the end of March, Sats handled more than 41 million passengers at Changi, 8.7 per cent more than a year earlier.

The company has recommended a final dividend of six cents a share as well as special dividend of four cents a share. Including an interim dividend, the total payout for the year is 15 cents a share.