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SATS – Lim & Tan
- Notwithstanding the one-off impairment charge for sale of Daniels Group which was completed in October 2011 for S$16.8 million and other small exceptional items, SAT’s 4Q ’13 underlying net profit from continuing operations rose 32.4% y-o-y, buoyed by increased flights and higher meal volumes.
- SATS also proposed a final dividend of 6 cents per share, and cut its special dividend to 4 cents per share from last year’s 15 cents per share. The full financial year 2013 dividend yield amounts to 4.7%.
- Management guided that demand for the Group’s gateway and food business could continue to be underpinned by strong growth of passenger traffic at Changi Airport and within the Asian region. But air freight demand could remain weak. Similar to other Singapore corporates with domestic operations, the company could see rising wage costs due to the Singapore government’s manpower policies going forward.