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.
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