Gateway services revenue dropped 67.9 per cent to S$71.6 million, while the food solutions segment was down 43.7 per cent to S$135.9 million.
The food solution segment's relatively lower fall in revenue compared with the gateway services segment was due to a consolidation of new entities which boosted revenue. These entities are Country Foods, Nanjing Weizhou Airline Food Corp and Monty's Bakehouse UK. SATS' group expenditure decreased by 39.9 per cent on the year to S$245.4 million, with staff cost seeing the most significant reduction - down 58.7 per cent to S$96.5 million.
The fall in staff cost was due to a combination of factors such as government grants, lower contract services and a reduction in workforce required to manage lower volumes.No dividend was declared for the quarter, unchanged from a year ago. SATS pays dividends on a semi-annual basis for every six-month period ending March 31 and Sept 30, subject to review and approval.For daily updates on weekdays and specially selected content for the weekend.
Source: News Formal (newsformal.com)
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