Shin Satellite PCL earned 201 million Thai baht ($5.1 million) in its 2005 first quarter, up from a profit of 190.5 million baht ($4.8 million) in the same period in 2004, the company reported in a May 12 filing with the Stock Exchange of Thailand.

Revenue slipped from 1.5 billion baht ($38.1 million) to 1.3 billion baht ($33 million) in the same time period. Revenue from transponder services for the first quarter of 2005 was 755 million baht ($19.2 million), up from revenue of 739 million baht ($18.8 million) in the 2004 first quarter.

Operating costs were 988.9 million baht ($25.1 million) in the 2005 first quarter, down from 1.2 billion baht ($30.5 million) in the same period in 2004. Shin attributed the lower revenue and operating expenses to the exclusion of the results of Internet service provider CS Loxinfo PSL, which is now counted as an associate company rather than a subsidiary of Shin Satellite.

In a separate filing, Shin Satellite reported that IPStar has completed ground acceptance testing and satellite manufacturer Space Systems/Loral has been ordered to ship the satellite to the launch site in Kourou, French Guiana. IPStar is expected to arrive at the launch site before the end of May, but Arianespace has not yet set a launch date, Shin Satellite said Shin Satellite also announced it will establish subsidiaries in Singapore and Mauritius to provide IPStar service.