In-flight catering service provider SATS on Friday said profit fell 10.6 percent in the first-quarter, hurt in part by the absence of last year's gain from the disposal of assets.
Profit attributable to owners of the company fell to $57.3 million in the three months ended June 30, from $64.1 million in the corresponding period last year.
Group revenue grew 0.5 percent to $426.5 million in the quarter.
SATS, which controls about 80 percent of Changi airport's ground handling and catering business, said expenditure rose 0.9 percent in the first-quarter while licence fees "increased significantly" by $4.3 million.
"There is no indication that low yields across the airline industry will improve in the near future, so pricing pressure on SATS is expected to continue, " the company said in a statement to the exchange released after market hours.
Shares of the Singapore-based company ended 1 percent higher at S$5.08 on Friday. The stock has gained about 5 percent so far this year.
