Sats

Revenue surged 54.5% to $475.7 million from $307.8 million in the previous year. Read more at straitstimes.com.

Separately, Sats announced that it has been selected to design, build, finance and operate a five-tier integrated multi-modal cargo hub at the upcoming Noida International Airport in Uttar Pradesh, India. This, together with other shortfall including from China’s slow reopening, had led to Sats not being up to pre-pandemic levels yet in terms of meals, flights and passengers. Revenue for the quarter surged 54.5 per cent to $475.7 million, from $307.8 million in the previous year. Once the subsidiary is excluded from last year’s results, the group’s performance would be better due to overall travel recovery, said Sats. Mr Mok stated in a briefing call on Monday that Sats is “very, very optimistic” about China’s reopening. Share of results from associates and joint ventures fell 15.7 per cent to $10.2 million due to the consolidation of Asia Airfreight Terminal Company’s results in this financial year.