AsiaSat 1st Half 2014 Revenues Down 10%
Hong Kong, 21 August 21, 2014 -- Asia Satellite Telecommunications Holdings Limited (AsiaSat) today announced its 2014 interim results for the six months ended June 30, 2014. 1st half 2014 revenues was HK$ 694 million, down 10% compared to the same period last year primarily due to a July 2013 agreement with a major customer which resulted in a significant extension of the contract.
AsiaSat Contracts on hand as as of June 30, 2014 was valued at HK$ 4,236 million, up 11% compared to end-December 2013, substantially attributable to a contract secured for the provision of Direct-to-Home (DTH) television services in Indonesia
1st half 2014 profit attributable to equity holders was HK$ 283 million, compared to HK $401 million in the same period last year. Decline was due to a reduction in turnover, incremental depreciation on the expanded satellite fleet and an increase in operating expenses. Interim dividend was HK$0.18 per share, an increase from HK$ 0.12 per share in 2013
AsiaSat’s Chairman, Sherwood P. Dodge said “2014 would be a transition year for the company. The replacement of AsiaSat 3S with AsiaSat 7 and the addition of AsiaSat 6 and AsiaSat 8 to our fleet will provide the group with incremental power, coverage and capacity. Some of the factors which have adversely affected our results for the first half of 2014 will continue to have an effect in the second half of the year. At the same time, we remain confident that the cumulative effect of the actions taken this year has better positioned the group for future growth.”
“Longer term, AsiaSat 9 will be launched in late 2016 or early 2017 and will replace AsiaSat 4 with improved performance and added capacity to further expand our capabilities to meet the growing demand for satellite capacity across the region,” he added.
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