by millionairemind » Wed May 05, 2010 7:04 pm
May 5, 2010, 8.05 am (Singapore time)
SATS's Q4 net profit up 10.2% at $46.5m
By BERNICE BONG
SINGAPORE - Singapore Airport Terminal Services Limited (SATS) posted a 10.2 per cent year-on-year increase in net profit to $46.5 million for the fourth quarter ended March 31, 2010.
Group revenue also rose, up 19.6 per cent year-on-year to $390.6 million. This was mainly due to the full consolidation of its wholly-owned subsidiary, Singapore Food Industries (SFI), which contributed revenue of $165.1 million and higher aviation revenue of $218.7 million.
SATS acquired SIF in April 2009.
Earnings per share for Q4 were 4.3 cents, up 10.3 per cent from the previous corresponding quarter.
For the full year ended March 31, 2010, net profit was up 23.5 per cent at $181.2 million while group revenue increased 44.0 per cent to $1,538.9 million.
SATS attributed the rise in revenue to SFI's contribution as well as better performance by ground handling associates in Indonesia and Hong Kong.
SATS has proposed a final dividend of 8 cents per share, which would bring the total annual dividend to 13 cents per share. If approved, the final dividend will be paid on Aug 18, 2010.
The Group is optimistic about its future, expecting to see an improvement in activity levels in this financial year as airlines gradually reinstate capacity with increased flights and cargo throughput.
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