SES Global [Luxembourg: SESG], the world’s largest satellite operator, increased its revenues by 1.38 billion euros ($1.47 billion), or 38 percent, from 2001 to 2002. The company’s profit, however, dipped 205 million euros ($218 million) after factoring in goodwill amortization and financing charges related to its U.S. unit, SES Americom.

The parent company (Luxembourg) also used a strong net operating cash flow of 1.052 million euros ($1.12 million) to reduce its debt by 479 million euros ($509.5 million). That move helped the company to trim its net debt to equity ratio at year-end 2002 to 74 percent, down from 80 percent, company officials said.