SINGAPORE (May 23): Earnings of SATS slipped 1.7% to $50.7 million in the fourth quarter ended March 31, 2016, from $51.6 million a year ago.

Revenue also fell 1.8% to $417.6 million from $425.1 million previously.

The airline gateway services provider says revenue from its food solutions segment declined 7.4% to $232.3 million.

This came mainly on the transfer of the food distribution business to the joint venture company SATS BRF Food last year, as well as the weakening yen.

However, revenue from the gateway services segment saw an increase of 6.2% to $183.8 million.

SATS recommends a final dividend of 10 cents per share, bringing total dividend to 15 cents per share.

The company says it has been developing its non-aviation business and expanding across the region, while maintaining its core business in aviation.

It reckons the growth of tourism in the region as well as demand for safe, high quality food from growing urban populations in Asia are creating new growth opportunities for the company.

Shares of SATS ended at $4.45 on Friday.