AsiaSat 2014 Profits -25% Y/Y To HK$559 Mil.
Asia Satellite Telecommunications Holdings Limited (‘AsiaSat’ – SEHK: 1135), Asia’s leading satellite operator, today announced its 2014 annual results for the year ended 31 December 2014.
A YEAR OF TRANSITION AND CHALLENGE
- 2014 turnover of HK$1,365 million, 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
- 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 of 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 per share, gives a total 2014 dividend of HK$0.57 per share
- The addition of two new satellites AsiaSat 6 and AsiaSat 8 brings new C and Ku-band capacity for business growth
- AsiaSat 7, AsiaSat 3S’s replacement, commenced full operation in April 2014 with enhanced power and coverage
- AsiaSat 9, AsiaSat 4’s replacement, commenced construction and on track for completion in late 2016 or early 2017
- Overall utilisation rate of AsiaSat 4, AsiaSat 5 and AsiaSat 7 stood at 75% as at 31 December 2014, compared to 74% during end-December 2013
- The announcement of new shareholders, Carlyle Asia Partners IV soon to come onboard
- Rebrand roll-out in Q1 2015 to re-energise AsiaSat brand and build a stronger connection with its clients and partners
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. These enhancements will enable us to better serve our key markets of South Asia and China.”