http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1054551/1/.html
SATS' Q4 net profit up, wins Aussie contract from SAF
SINGAPORE: Singapore Airport Terminal Services (SATS) says
its fourth quarter net profit rose 10.2 per cent to S$46.5
million.
The improvement came on the back of higher revenue, which gained
19.6 per cent on-year to S$390.6 million.
SATS says its revenue rose due to the full consolidation of its
Singapore Food Industries unit and higher aviation revenue.
For the full year, SATS' profit stood at S$181.2 million, an
increase of 23.5 per cent over the previous year.
Revenue also jumped by 45 per cent on-year to S$1.54 billion.
Better performance reported by the firm's units in Indonesia and
Hong Kong saw overseas contribution grow by 89 per cent on-year to
S$41.9 million.
Going forward, SATS expects to see an improvement in activity
levels in this financial year.
That's because with the economic recovery, airlines will gradually
reinstate capacity with increased flights and cargo
throughput.
Separately, SATS says its wholly owned Australian food logistics
subsidiary, Primary Industries Queensland, has secured a 224
million Aussie dollar contract.
It won the 5 plus 5 year logistics support contract from the
Singapore Armed Forces for its Shoalwater Bay Training Area in
Australia.
Under the contract, SATS will provide a full range of services,
including catering, supplies support and transportation.
SATS says the new contract is not expected to have any material
impact on its earnings for the financial year ending in March
2011.
- CNA/jy