SATS Ltd (SGX: S58) is a provider of food solutions and gateway services solutions mainly to the aviation industry. It has been hit hard by the pandemic, with the International Air Transport Association (IATA) predicting that air travel will not return to pre-COVID-19 levels until 2024. However, from SATS’ financial results announcement for the second quarter ended 30 September 2020 (2Q FY20-21), there appear to be some bright spots amid the darkness. And the stock market seems to recognise this. At the time of writing, SATS shares are changing hands at S$3.84 each, up 7% so far for the day. Its share price rose to as high as S$3.94, a level not seen since early-March 2020. Let’s dive deeper right now to look at why SATS’ latest results are not as bad as what the headline numbers show. Quarter-on-Quarter Improvement in Business Performance  For SATS’ 2Q FY20-21, revenue came in at S$231.1 million, which translates to a 53.5% year-on-year decline....