Sats raises Q1 net earnings by 12% to $46.2 million

Changi Airport's biggest ground-handling firm, Sats, has reported a 12 per cent increase in first-quarter profits to $46.2 million. -- ST FILE PHOTO: ALPHONSUS CHERN
Changi Airport's biggest ground-handling firm, Sats, has reported a 12 per cent increase in first-quarter profits to $46.2 million. -- ST FILE PHOTO: ALPHONSUS CHERN

Changi Airport's biggest ground-handling firm, Sats, has reported a 12 per cent increase in first-quarter profits to $46.2 million.

This was despite revenue for the three months to end-June dipping 0.8 per cent to $434.5 million, the firm said on Thursday.

Total expenditure was also down; by 1.2 per cent to almost $394 million.

Looking ahead, Sats which handles about 80 per cent of Changi's traffic, said the airport's recent numbers suggest growth is moderating.

Demand for airfreight also continues to decline.

These trends are expected to persist in the near term, Sats said.

Labour availability and costs continue to be key challenges but the group is focused on managing its costs and raisings productivity, it said.