Shin Satellite Plc lost in the 2006 first quarter despite a jump in revenues, the company announced May 10.

Shin Satellite, which operates the IPstar broadband satellite, lost 58 million ($1.54 million) Thai bhat in the 2006 first quarter, compared to a profit of 188.6 million bhat ($5 million) in the 2005 first quarter. Operating expenses jumped from 988.9 million bhat ($26.2 million) a year ago to 1.8 billion bhat ($47.7 milllion) in the most recent three months due to full recognition of depreciation, related interest expenses, and costs associated with IPstar.

The broadband satellite service also helped power revenue growth, which improved 43 percent to 1.8 billion bhat ($47.7 milllion) due to an increase in income from IPstar and conventional satellite services. IPstar posted service revenue of 508 million bhat ($13.5 million), and more than 11,000 IPstar terminals were sold during the quarter. Conventional satellite contributed revnues of 645 million bhat ($17.1 million).

Separately, Thailand’s The Nation reported, that the company plans to move the Thaicom 3 satellite to cover the Middle East following the launch of Thaicom 5, which is scheduled for May 26. Thaicom 3 will be shifted from its orbital slot of 78.5 degrees East to 50.5 degrees East once Thaicom 3’s customers are switched to Thaicom 5.