Asiasat Revenues Down 9% in 2014
Hong Kong, March 26, 2015--Calling 2014 a "year of challenge and transition," Asia Satellite Telecommunications Holdings Limited (‘AsiaSat’ – SEHK: 1135), reported revenues were down 9% in 2014. The company reported turnover of HK$1,365 million in 2014, down 9% from the previous year primarily due to the full-year impact from a renewal and extension in 2013 of agreements with a major customer at reduced rates.
In 2013, Asiasat revenues were down 16% from the previous year.
Combined new and renewed contracts during the year valued at HK$932 million despite challenging market environment. 2014 profit attributable to owners of the company was HK$559 million, compared to HK$748 million in 2013. The decline was due to the lower turnover, higher depreciation and higher operating expenses. Proposed final dividend of HK$0.39 per share, together with the interim dividend of HK$0.18.
AsiaSat’s Chairman, Sherwood P. Dodge, said, “2014 was a year of transition for AsiaSat. The challenges we faced in a competitive market will continue into 2015. With the launches of AsiaSat 6 and AsiaSat 8 in 2014, we expanded our geographic reach and our product offerings. hese enhancements will enable us to better serve our key markets of South Asia and China.”
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