Hispasat posted a net profit in the first quarter of 9.7 million euros ($9.5 million). In the first half of this year, Hispasat had revenues of 56.5 million euros ($55.4 million), a 7.5 percent improvement from last year. EBITDA in the first quarter was 46.15 million euros ($45.3 million).

The results are encouraging given the strong depreciation of the Brazilian real of 20 percent in June. The real has depreciated 40 percent in 2002. Brazil is a key market for Hispasat, given its drive to generate the majority of its revenues from the Latin American market.