Sats reports 7.8% dip in Q4 net profit
Published on May 22, 2014 5:33 PM
CHANGI Airport's biggest ground-handler reported a 7.8 per cent dip in fourth-quarter profits to $42.6 million after business was hit by challenges including higher staff costs and the decision by Australia's Qantas to move its stopover hub for long-haul flights from Singapore to Dubai.
In the three months to March 31, group turnover fell 3.2 per cent to $434.6 million while total spending dropped marginally by 0.5 per cent to $392.9 million, Sats said yesterday.
At Changi Airport where the firm controls more than 80 per cent market share, 6.3 per cent fewer meals were prepared in the three months to March 31 compared to the same quarter last year.
For the full year, profits dipped 2.4 per cent to $180.4 million compared to the earlier 12 months.
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