SINGAPORE (THE BUSINESS TIMES) - Sats fell into the red for its financial first quarter as strict lockdowns and travel restrictions across the world caused demand for air travel to evaporate.. Read more at straitstimes.com.
SINGAPORE - Sats fell into the red for its financial first quarter as strict lockdowns and travel restrictions across the world caused demand for air travel to evaporate.
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" Sats' performance. Revenue for Q1 fell 54 per cent to $209.4 million, from $465.1 million a year ago, hit by declines from both its gateway services and food solutions segments.
Gateway services revenue dropped 67.9 per cent to $71.6 million, while the food solutions segment was down 43.7 per cent to $135.9 million.
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