However, this profitability was supported by $145.8 million of government grants. What this means is that while Sats recorded earnings of $20.4 million for its FY2022, should these grants be stripped out, Sats would show a loss of $112.3 million.
As the aviation industry recovers with borders reopening, this bodes well for the ancillary services that support the airlines and airports around the world.
For Singapore, ground handler Sats has returned to a full year of profitability, recording profits in all four quarters of its FY2022 ended March.
