SATS posts $26.7m net loss in FY 23

The company’s net loss in the same period last year was $8.5m.

Airport catering service, SATS Limited, declared that its net loss was at $26.7m in fiscal year 2023, compared to $8.5m in the past year.

In a bourse filing, SATS’ EBITDA was at $173.2m in FY 2023 compared to $94.2m in FY 2022. Its revenue grew to $1.758b in FY 2023 from $1.176b in FY 2022.

It attributed its revenue growth from both Food Solutions and Gateway Services driven by travel recovery and higher cargo revenue from AAT consolidation.

Food Solutions revenue increased 35.6%, or $228.4m, to $869.3m while Gateway Services revenue grew 66.9%, or $356.0m, to $888.5m for the full year over the same period last year.

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