SATS’s revenue plunged 54% y-o-y to $251 million as its gateway and food businesses recorded lower top line contributions.
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For the nine-month period, the company swung into a net loss of $79.7 million from earnings of $174.7 million the year before.
Revenue tumbled 54.1% y-o-y to $691.5 million from $1.51 billion previously.
While the operating environment remains challenging due to ongoing pandemic-related travel restrictions, SATS says demand for air freight to transport e-commerce, pharmaceutical, and perishable products continues to increase.
The pandemic has also changed consumer lifestyles and created opportunities for SATS to grow businesses outside of the travel segment, it adds.
SEE: Sembcorp Industries appoints SATS chief corporate officer as new group chief financial officer
“We are committed to helping our airline customers to rebound from this crisis,” says Alex Hungate, president & CEO of SATS.
“In addition, SATS aims to grow its revenues from foodservice and retail chains, institutions, fast-casual restaurants, and other non-travel related customer segments such as security services.”
On Feb 10, SATS closed down 3 cents or 0.7% at $4.09 with 1.4 million shares changed hands.
