SATS’ 3QFY24 headline net profit of S$31.5m (+42.5% q-o-q) was within our guided range of S$25m-35m. Excluding a sizeable forex loss, 3QFY24 earnings would have been at close to S$40m, beating our forecasted range.
- Read this at SGinvestors.io -
3QFY24 headline net profit in line.
SATS (SGX:S58)’s 3QFY24 headline net profit of S$31.5m was within our guided range of S$25m-35m. Revenue rose 6.5% q-o-q to S$1.37b, on the back of higher revenue from both food solutions (S$295m, +6.8% q-o-q) and gateway services (S$1.07b, +6.4% q-o-q).
- Read this at SGinvestors.io -
Significant q-o-q core earnings improvement masked by forex gains/losses.
Note that core net profit reported by SATS has yet to adjust for the forex gains/losses, which had sizeable impacts in both 2QFY24 and 3QFY24.
SATS’ 3QFY24 earnings was dragged by a forex loss of high single-digit millions (in Singapore Dollars), while 2QFY24 earnings was helped by a forex gain of similar sizes. Excluding these forex gains/losses, SATS’ 3QFY24 core earnings would be close to S$40m, a substantial improvement from 2QFY24 core earnings of about S$6m.
Strong JV/associate profits.
Read more at SGinvestors.io.
Above is an excerpt from a report by UOB Kay Hian Research. Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
