Asiasat recorded revenues of HK $475 million ($61 million) in the first half of 2006, the company reported.

The figure was up from revenues in the first half of 2005 but only because of a one-time gain of HK $46 million ($5.9 million) from the early termination of a contract, the company said. Without the gain, revenues for the first half of 2006, which closed June 30, would have been down HK $16 million ($2.1 million).

Despite continued tough market conditions in Asia, the operator announced that the overall utilization rate across its satellite fleet was up 4 percent.

Asiasat is optimistic that high-definition (HD) TV will be a key driver for increasing the company’s performance, but it may be a while before the company sees its revenues and profits increase. “Despite some encouraging signs, there is little evidence emerging to indicate that these will make significant changes to Asiasat’s results for the second half of 2006,” Romain Bausch, Asiasat’s chairman, said.