Eutelsat posts profit, hikes projections for next year

Eutelsat Communications swung to a profit in the full year, prompting it to raise its forecast for the next fiscal year as it benefited from rising demand for digital broadcasting, an Associated Press report said.

The report said the satellite operator was now transmitting for an increasing number of digital service providers.

The company's net profit for the year ended June 30 reached 40.2 million euros ($51.6 million), compared with a net loss of 44.9 million euros in the previous year, the report quoted Eutelsat as saying. Sales rose 5.4% to 791.1 million euros ($1.01 billion).

The Paris-based company raised its forecast for profit before interest, taxes, depreciation and amortization to 77% of sales in the current fiscal year, the report said.

Eutelsat did not say what its previous forecast was.

Sales this year would probably be more than 800 million euros ($1.03 billion), it said.

"Eutelsat outperformed objectives for growth while maintaining profitability at the highest level," company chairman Giuliano Berretta was quoted as saying.

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