Inmarsat Reports Strong Quarter for All Sectors
[Satellite Today 11-10-08] Inmarsat saw revenues increase 16.4 percent to $162.5 million in its third quarter 2008 financial report, released Nov. 10.
Inmarsat reported strong growth across all of its business sectors, with earnings before interest, taxes, depreciation and amortization up 15.4 percent at $112.3 million, profit after tax up 58.6 percent at $37.6 million and Broadband Global Area Network (BGAN) revenue up 6.6 percent from the second quarter 2008 at $20.9 million.
“We have seen no impact of global economic weakness in the usage and take-up of our services and we are firmly on track to deliver revenue growth for the full year well ahead of the top of our target range,” Inmarsat CEO Andy Sukawaty said in a statement.
Revenues in the company’s maritime mobile satellite services saw growth of 6.7 percent across voice and data services. Total maritime active terminals grew by 4.1 percent, while demand for its Fleet and new FleetBroadband services saw 35.9 percent growth in active terminals. Inmarsat’s third quarter land mobile sector revenue was up 17.3 percent with growth in land data of 21.9 percent. Active land terminals grew by 2.2 percent, including 4,295 new BGAN subscribers added during the third quarter. The company attributed growth in its land data sector to a strong take up and usage of BGAN services as well as from increased BGAN demand resulting from world events.
Inmarsat’s third quarter aeronautical sector revenue grew by 54.3 percent driven by strong usage and take up of its Swift 64 service from government and business jet customers.