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By | August 23, 2000

      Communications company Inmarsat Ventures Ltd reported pre-tax profit of $63.4 million (E70.50m) on revenue of $210.6 million (E234.18m) for the first half year of 2000 ended June 30. This represents a 3 per cent rise in pre-tax profit and 5 per cent rise in revenue when compared to the company’s results for the same period of 1999.

      At the end of the first half of 2000, Inmarsat said that 197,280 end customer terminals were in service, an increase of 25 per cent from the 157,448 terminals in service at the end of June last year.

      “Demand by corporate enterprise for high bandwidth solutions has accelerated,” said Michael Storey, president and CEO of Inmarsat. He added that to meet this demand, during the first half of 2000 the company stuck to its strategy of “investing in the development of new celestial telecommunications technology and of acquiring or entering into joint ventures” with companies that could expand its product and service portfolio.

      Inmarsat said the first half year results for this year “are not directly comparable to 1999 results” because its employees were paid reflecting “their status as exempt from UK income taxes, and the entity itself was exempt from UK taxation for the period from January 1, 1999 to April 15, 1999.”

      Inmarsat owns and operates a global satellite network and distributes solutions through a worldwide group of service providers to end customers in the maritime, aeronautical and multinational corporate sectors.

      In April 1999, it shed its intergovernmental status to become a private limited company in the UK.

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