Shin Satellite Posts Second Quarter Loss
Shin Satellite PCL posted a loss of 83 million Thai bhat ($2.7 million) in the 2007 second quarter despite a 16 percent revenue gain to 2 billion bhat ($65 million) the company said in an Aug. 10 filing with the Stock Exchange of Thailand. In the 2006 second quarter, the company lost 34 million bhat ($1.1 million).
Shin blamed the increased loss on rising costs, including a jump of 29 percent in selling and administrative expenses due to promotions and a consulting fee expense related to rescheduling of loan repayments on long-term loans for the IPStar satellite and Thaicom 5 satellite projects. Cost of providing IPStar service was up 20 percent.
Revenues from satellite transponders and related services improved 25 percent to 1.1 billion bhat ($35.8 million) due to growth in IPStar user terminal sales and from transponder leases on the IPStar satellite. Revenues from conventional transponder leases were down 10 percent from a year ago.