- SATS (SGX:S58)'s 3QFY25 core PATMI of S$70.4mil was slightly below expectations primarily due to a ~S$7.3mil performance bonus provision, reflecting the group’s outperformance against internal targets. Excluding this charge, earnings would have been largely in line with forecasts.
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- Excluding the bonus provision, 3QFY25 group EBIT margin would have been 9.2%, though SATS booked a S$5.1mil FX gain in the quarter, partially boosting its performance.
Healthy cargo and aviation food volume growth, alongside pricing gains in the food division.
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- Implied ASP: +0.8% y-o-y.
- Meals produced: -5.8% y-o-y, largely due to the closure of its Kunshan facility.
- Implied ASP: +27.2% y-o-y, driven by a positive revenue mix.
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