SATS’s 3QFY25 revenue grew 12.5% y-o-y to S$1.5b on higher business volumes, rate increases, and a seasonal year-end peak –
Revenue from Gateway Services increased 10.1% y-o-y to S$1.2b, as air cargo volumes grew 6.8% q-o-q (QoQ) to 2.4m tonnes, supported by e-commerce demand and a shift from ocean to air freight due to disruptions in the Red Sea. Flights handled improved a further 0.3% q-o-q to 161k.
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3QFY25 operating expenses grew at a slower 10.3% y-o-y to S$1.3b, though we note that this includes an unrealised FX gain of S$5.1m.
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Together with a 20.2% y-o-y decline in SoAJV to S$27.6m, SATS reported a PATMI of S$70.4m for the quarter, which is more than double of the S$31.5m recorded in 3QFY24.
9MFY25 PATMI was a slight miss on lower-than-expected contributions from associates and joint ventures.
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Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.
