SINGAPORE: Changi Airport’s biggest ground-handling firm, Sats, reported a 21 per cent jump in net profit to $51.6 million, for the three months to March 31, 2015.
Group revenue slipped 2.2 per cent to $425.1 million compared with the same three months last year. But total spending fell 3.2 per cent to $380.4 million, due mainly to the lower cost of raw materials as well as successful productivity measures which have mitigated rising labour costs, Sats said.
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Consequently, operating profit improved 7.2 per cent year-on-year to $44.7 million.
Share of after-tax profits from overseas associates and joint venturers also rose strongly by 32.3 per cent to $13.1 million.
