A WEAKER global economy put a dent in airport and food services provider SATS' first-quarter net profit, which fell 14.4 per cent from the same period a year earlier to S$54.7 million.
Cargo volume handled in the first quarter was 1.6 per cent lower than in the same period a year earlier, due to"global trade uncertainties", SATS said. The suspension of flights by private Indian carrier Jet Airways and lower foreign exchange gains also resulted in operating expenditure outpacing revenue growth.
SATS said in its results filing on Thursday:"The global economy is showing signs of weakness, as reflected in the softening of air cargo volume. Aviation passenger volumes in Asia continue to grow although more slowly, while rapid urbanisation in the region is still driving demand for safe, high-quality food.
Source: News Formal (newsformal.com)
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