SATS announced its Q4 and full year results today. Boy oh boy, things are looking good. Results Summary Revenue declined by 1.9% amidst the challenging environment Operating Profit increased 4.1% due to excellent cost control Underlying profit increased 7% due to increased contributions from their JV/Associates. These are really impressive numbers, considering that revenue has shrank and yet SATS managed to improve their profits year-on-year. I reckon their coming quarters to yield better results due to the additional cost savings stemming from the reduction and rebates of aeronautical fees in Changi and their continued productivity drive. Future Catalysts Over the longer term, with the upcoming completion of T4 and T5, Changi should see a further increase in air traffic. SATS, having about 80% of Changi's market share would stand to benefit largely from Changi's growth as well. Also note that SATS has a foot in Singapore SportsHub via ......