by winston » Thu Nov 10, 2022 8:32 am
not vested
Inflight caterer and ground handler SATS on Wednesday (Nov 9) reported a net loss of S$9.9 million for its second quarter, reversing a year-ago profit of S$6.8 million, as operating expenses rose and lower government grants were received.
Excluding the effect of reliefs, net loss for the three months ended Sep 30 would have been S$19.7 million, an improvement from the S$30.1 million net loss excluding reliefs in the year-ago period, the company said in a bourse filing.
During the second quarter, SATS revenue rose 46 per cent to S$429 million, as its food and gateway segments reported higher revenue on the back of aviation recovery and the consolidation of revenue from Asia Airfreight Terminal.
Operating expenses climbed 48.9 per cent to S$437 million, due to factors such as higher staff costs and lower job support grants, the group said.
For the first half of its financial year, SATS revenue climbed 41.3 per cent on year to S$804.5 million, driven by growth in cargo volume and recovery in travel demand.
The group’s net loss for H1 FY23 stood at S$32.5 million, a reversal from the net profit of S$13.2 million in the year-ago period. Excluding the impact of government reliefs, net loss for H1 FY23 would have been S$51.7 million, an improvement from S$65.5 million loss in the prior-year period.
No dividend was declared.
The company said the proposed rights issue will not exceed S$800 million. With the total acquisition cost of S$1.8 billion, the balance will be funded primarily through a combination of term loans and internal cash, SATS said. The rights issue is targeted to be launched after an extraordinary general meeting, expected to be convened in January 2023, with further details of the funding plan to be announced prior to the meeting.
Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"