Eutelsat Earnings Report Shows Growth in Latin America
[Via Satellite 05-20-2014] Eutelsat Communications announced its financial results for the third quarter and nine months ending on March 31, 2014. Revenue for the first nine months increased by 2.5 percent, excluding non-recurring revenues and Satmex contributions. Third quarter revenue was up by 1.5 percent, and increased by 6 percent excluding Satmex, with a total order backlog of nearly $8 billion.
“This quarter marked a significant step in Eutelsat’s international development with the closing of the acquisition of Satmex on Jan. 1, 2014,” said Michel de Rosen, chairman and CEO of Eutelsat. “Satmex brings strong growth potential from Latin America, one of the most dynamic markets for satellite services.”
The Latin American market for Eutelsat, with the acquisition of Satmex, is meeting expectations for the company and steadily confirms its economic potential. Eutelsat seized two multi-year contracts for the sale of high throughput payloads serving Brazil, and Satmex’s order backlog has almost doubled over the past year. Satmex is on track to contribute about $70 million in revenue in the current Fiscal Year 2014.