SINGAPORE - Ground handler and caterer Sats sank into the red for the three months to March 31, the first quarter the company is reporting its financials since the coronavirus hit the world.
Sats said in a statement:"The group's performance for the quarter was impacted by the Covid-19 pandemic across the region, which led to a significant drop in global demand for air travel. This in turn created substantial adverse impact on revenue and profitability." The share of results from associates and joint ventures fell S$40.1 million, registering a loss of S$31.2 million, compared to an S$8.9 million profit in the previous corresponding quarter.Sats' net profit declined 32.2 per cent to S$168.4 million for the full year, with earnings per share at 15.1 cents.
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