[Satellite TODAY 08-27-09] AsiaSat Chairman Mi Zeng Xin scaled back expectations for his company’s overall performance in 2009, stating that the company now expects results similar to 2008, according to a statement in AsiaSat’s first-half 2009 financial results, released Aug. 26.
    In 2008, AsiaSat profits fell to $62.6 million, down from $64.9 million in 2007 and despite a 10 percent reported increase in profits.
    “The costs associated with the launch of AsiaSat 5 combined with a further drop in investment income have put additional pressure on our bottom line. While we have experienced a slight increase in renewals and new customers in the first half-year, we are also seeing many of our major customers slowing their expansion plans as the global economic downturn’s effect on advertising emerges in our industry,” Xin said in a statement.
    Despite the caution, AsiaSat reported a 13 percent increase of profits in the first half of 2009 compared to the same period in 2008. “The satellite industry is not immune from the effects of the global downturn. However, we remain cautiously optimistic about the medium-term future,” said Xin.