Bloomberg News

Shin Satellite's 4th-Quarter Profit Falls 13% on Higher Costs

February 27, 2006

Shin Satellite Pcl, Thailand's only satellite operator, had a 13 percent decline in profit in the fourth quarter as costs rose and sales declined.

Net income at Shin Satellite, a unit of Shin Corp., fell to 279.4 million baht in the three months ended Dec. 31, from 320.6 million baht a year earlier. The figures were derived by subtracting nine-month from full-year data reported in a stock exchange filing today.

Sales fell 10 percent to 1.45 billion baht from 1.61 billion, the derived figures show. Costs rose 27 percent to 1.4 billion baht from 1.1 billion.

Thai Prime Minister Thaksin Shinawatra's family controlled Shin Satellite until last month when it sold a 49.6 percent stake in Shin Corp. to Singapore's Temasek Holdings Pte for $1.9 billion.

For the full year, Shin Satellite's profit rose 41 percent to 1.2 billion baht, or 1.20 baht a share, from 856.1 million baht, or 0.97 baht a share, a year earlier, the company said in its earnings statement. Sales rose to 5.59 billion baht from 5.12 billion baht. Costs of sales rose to 3.48 billion baht from 2.79 billion baht.

On Aug. 11, Arianespace, the European group that launches rockets, set off Shin Satellite Pcl's $405 million Ipstar communications satellite, described as the world's biggest of its type, after postponing three earlier take-off dates.

To contact the reporter on this story: Laurent Malespine in Bangkok at lmalespine1@bloomberg.net

To contact the editor responsible for this story: Bruce Grant in Hong Kong bruceg@bloomberg.net


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