SES Global’s Revenues Drop Due To Currency Fluctuation

Luxembourg-based satellite operator SES Global [Luxembourg: SESG] saw total revenues fall 10 percent in the first six months of 2003, dropping to 642 million euros ($725.5 million) from 712 million euros ($804.6 million) in the period last year. The company attributed the decline primarily to currency rate fluctuations. Without the currency rate changes, revenues would have held fairly stable, SES officials said.

A 6.5 percent reduction in operating expenses helped SES post EBITDA (earnings before interest, taxes, depreciation and amortization) of 515 million euros ($582 million) for an 80.1 percent EBITDA margin for the first half of this year. Profits during the same time frame reached 115 million euros ($130 million), down from 125 million euros ($141 million) for the same period of 2002, SES reported.

For more on this story, see the International news section of the Sept. 22 SATELLITE NEWS. For more info on subscriber to PBI Media’s satellite newsletters, check out our Web site at https://www.satellitetoday.com