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AsiaSat Posts Revenue Decline in 2016 Annual Results

By Kendall Russell | March 15, 2017
AsiaSat's Tai Po Earth Station in Hong Kong. Photo: Leighton Asia

AsiaSat’s Tai Po Earth Station in Hong Kong. Photo: Leighton Asia

Asia Satellite Telecommunications Holdings (AsiaSat) announced its 2016 annual results for the year ended Dec. 31, 2016. Revenue for the year was HK$1.2 billion ($163.7 million), a decrease of 3 percent compared to 2015 due primarily to reduced short-term revenue from AsiaSat 3S.

2016 profit attributable to owners maintained at HK$430 million ($55.3 million) as a result of lower income tax charges following the reversal of a provision made in previous years. Combined new and renewed contracts during the year valued at HK$1.8 billion ($240.6 million), while the value of contracts on hand increased 16 percent to HK$4.06 billion ($523.5 million).

“In the coming year, the Board of Directors is cautiously optimistic on the economic prospects for the region, which, despite relatively flat indicators for some markets continues to invest in new telecommunications and media infrastructure, as well as renewing and updating existing facilities. New Direct-to-Home (DTH) platforms focused on smaller emerging markets remain attractive, especially given the need for relevant local-language services,” said Ju Wei Min, chairman of AsiaSat. “AsiaSat will continue to evaluate opportunities to develop its High Throughput Satellite (HTS) Ka-band capabilities.”