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Inmarsat Reports Interim 2012 Results (8/3/12)
Inmarsat, a provider of global mobile satellite communications services, released information for the six months ended June 30. Total revenue was $684 million, compared with $683 million in 2011.
Inmarsat Global MSS revenue was $367 million, up 1.4 percent from the same period a year ago. The company reported strong growth in maritime revenue, up 13 percent. The land mobile sector reported a 17.6 percent decrease, with $66.2 million for the first half of 2012, compared to $80.3 million in the first half of 2011. The land mobile data services sales were down, while the land mobile voice services were up.
Growth in the maritime data revenue resulted primarily from the impact of pricing initiatives, in particular as a result of the elimination (with effect from January) of volume discounts previously available for older services and the implementation of certain price changes (with effect from May) in relation to the FleetBroadband service.
In the land mobile sector, while the BGAN and IsatPhone Pro services continue to attract new customer revenue to the network, the growth has been more than offset by the ongoing decline in revenue from government users in Afghanistan. Lower revenue from Afghanistan, in connection with reduced military activity, remains a material headwind to the overall rate of growth in 2012. Inmarsat estimates that Afghanistan and events in North Africa and Japan in the first half of 2011 contributed $18.2 million more revenue year-over-year, compared to the first half of 2012.
“While revenue from North Africa and Japan has now largely normalized, our annualized land mobile revenue from Afghanistan remains material, but is expected to decline further in the remainder of the year,” the report said.
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