Singapore aviation caterer and ground handler SATS said Monday (24 August) that strict lockdowns and travel restrictions around the world due to the COVID-19 pandemic that have decimated international air travel caused the company to post a net loss of S$43.7 million (US$31.90 million) for the company’s first quarter ended 30 June. Compared to a profit after tax and minority interests of S$54.7 million a year ago.
SATS said the drop in group expenditures was outpaced by the fall in revenue, which nearly halved from a year ago. This came as the decline in passenger and cargo movements in the first quarter “significantly impacted” the company’s performance. Revenue for the quarter fell 54 percent to S$209.4 million from $465.1 million a year ago, hit by declines from both its gateway services and food solutions segments. Aviation revenue fell 72.9 percent to S$110.6 million, but non-aviation revenue grew 73.3 percent to S$96.9 million as the group leveraged opportunities beyond aviation during the quarter.
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