Sats rises 5.7% to three-week high on Q1 profit growth

[SINGAPORE] Shares of ground handler and inflight caterer Sats climbed in early trade on Thursday (Aug 21), a day after the group posted higher first-quarter profit.

As at 9.02 am, the counter rose to S$3.36, with some 2.4 million shares changing hands. This was 5.7 per cent or S$0.18 above its Wednesday closing price of S$3.18.

It last traded above this price more than three weeks ago on Jul 29, ShareInvestor data indicated.

By 2.58 pm, the stock eased to S$3.26, still up 2.5 per cent or S$0.08, with some 8.9 million shares transacted.

On Wednesday, the group announced that its profit for its first quarter ended Jun 30 grew 9.1 per cent on the year to S$70.9 million.

Its Q1 revenue was up 9.9 per cent, at S$1.5 billion. Significant customer wins for the quarter included carriers Cathay Cargo, Cathay Pacific and Emirates SkyCargo.