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Hot stock: SATS shares fall 5.8% after drop in Q1 earnings

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SHARES of airport and food services provider SATS dropped 5.8 per cent in active trading on Friday, after it reported a 14.4 per cent drop in Q1 net profit on Thursday. Read more at The Business Times.

SHARES of airport and food services provider SATS dropped 5.8 per cent in active trading on Friday, after it reported a 14.4 per cent drop in Q1 net profit on Thursday.

Revenue for the first quarter was up 5.8 per cent from a year ago, but growth in gateway services and food solutions was partially offset by lower cargo volume, which fell 1.6 per cent due to"global trade uncertainties," SATS said. “We expect lower margins and earnings growth going forward, led by a weak cargo outlook and consolidation of lower margin GTR operations,” they added.

"The key variance came from higher depreciation with the adoption of SFRS 16 which resulted in recognition of right-of-use assets and higher 'other costs' due to maintenance for ground support equipment and vehicles, IT expenses, fuel costs and etc.," Ms Lim said.

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