SATS Ltd (SGX: S58) reported its first-ever quarterly loss since its listing back in May 2000. As a leading provider of food solutions, SATS provides airline catering and operates central food kitchens for foodservice chains and restaurants. The other division, gateway services, comprises baggage handling, aviation security services and aircraft cleaning, among other tasks. Due to the COVID-19 pandemic, the group had requested for a two-month extension for its FY2020 release, and did so in early July. For the fourth quarter of FY 2020, revenue fell 8.1% year on year to S$433.1 million and the group incurred a loss of S$6.3 million. However, after stripping out an impairment loss on its associates, SATS’ core net profit stood at S$5.6 million. The weakness in its business has not gone unnoticed. For the year to date, SATS’ share price has plunged by 46% to close at S$2.78. With the pandemic situation still unresolved...