SES Reports Earning $97.8 Million During First Half
Societe Europeenne des Satellites (SES), the Luxembourg-based operator of the Astra satellite system, reported a profit of $97.8 million, or $2.63 per share, on total revenues of $347.4 million for the first six months of the year.
This compares with a profit of $83.4 million, or $2.24 per share, on $293.4 million in total revenues during the first half of 1999.
Total revenues increased by 18.4 percent, compared with the first six months of 1999. Operating profit grew by 31.4 percent and net profit increased by 17.2 percent, comparing the two half years, the company said.
Earnings before interest, taxes, depreciation and amortization (EBITDA) were $290.7 million during the first half of this year, compared with $234.2 million for the first six months of last year.
EBITDA was up by 24.1 percent, comparing the first half of this year with the first six months of 1999 and the EBITDA margin for this year’s first half was 83.7 percent, according to the company.
SES said its 34.14 percent holding in Asia Satellite Telecommunications Holdings Ltd. (Asiasat) [SAT] increased by 33.5 percent, reflecting the gradual recovery of Asian economies from their slump.
In recent months, SES has bought half of the Swedish Satellite Broadcasting Corp., operator of the European Sirius system, and almost 20 percent of the Embratel Satellite Division, operator of the Brazilsat system.
It also has developed its plan further to establish a hybrid Ka-/Ku-band system for direct access to the Internet. SES’s stock is traded on the Luxembourg Stock Exchange as SES and on the Frankfurt Exchange as SDSL.