Sats reviews Q2 lack of S$33.2m, with employees price down 61.3%

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Sats reports Q2 loss of S$33.2m, with staff cost down 61.3%


Thu, Nov 12, 2020 – 7:57 PM

GROUND-HANDLER and in-flight caterer Sats has managed to slender its quarterly loss, slashing expenditure by virtually half on the again of a 61 per cent drop in employees price.

It reported a internet lack of S$33.2 million for the three months to September in an change submitting on Thursday after market shut. Whereas that is 154.7 per cent decrease 12 months on 12 months, Sats managed to shrink the purple ink from S$43.7 million within the previous quarter.

The smaller quarterly loss was achieved as Sats continued to slash its prices by 46.6 per cent or S$201.3 million 12 months on 12 months. A 61.3 per cent fall in employees price (because of authorities reliefs, decrease contract companies and a drop in headcount by 500) helped contribute to the lower in price.

Income was 53.5 per cent decrease at S$231.1 million for the second quarter of FY2021.

Loss per share stood at three Singapore cents, in comparison with earnings per share of 5.4 Singapore cents for the year-ago interval. Internet asset worth per share dropped from S$1.45 as at end-March to S$1.38 as at end-September.

In mild of the numerous uncertainties within the working surroundings, Sats won’t pay an interim dividend. The interim dividend a 12 months in the past was six Singapore cents.

Alex Hungate, chief govt of Sats, mentioned the outlook stays difficult with flight and passenger volumes nonetheless closely constrained by pandemic-related journey restrictions, though demand for air cargo continues to be extra resilient.

Whereas flight, passenger and cargo volumes have all climbed from their lows in April, the trajectory of the restoration stays unsure with Covid-19 resurgent in some international locations, he added.

Shares in Sats ended at S$3.60 or seven cents greater on Thursday, earlier than the monetary outcomes have been launched.

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