Satellite operator suffers US$3m loss

JAKARTA (JP): Private satellite operator PT Pasifik Satelit Nusantara (PSN) suffered a US$3.04 million net loss in the first half of this year, up from $98,638 in the same period last year.

The company announced yesterday that its total revenue almost doubled to $7.84 million in the first half this year from $3.84 million in the January-June period of 1996.

PSN's gross profit rose 18.42 percent to $3.17 million in the first six months in 1997 from $2.67 million in 1996.

Set up in 1991, PSN is a joint venture between overseas and local firms, including state-owned PT Telkom and PT Elektrindo Nusantara of the Bimantara Group. PSN provides satellite-based communication services in the Asia-Pacific region using the two Palapa-C satellites' 12 extended C-band transponders. PT Satelindo operates the satellites.

PSN is listed on the U.S. Nasdaq exchange.

The company said net loss per shares in the January-June period was $0.04 under generally accepted accounting principles in the U.S.

Company president, Adi R. Adiwoso, said PSN's operating and financial performance for the second quarter and first half of 1997 was on track.

"Our revenue growth reflects the continuing success of our wholesale satellite leasing business, especially in regards to the Palapa-C1 which has five transponders currently under lease to major Asian broadcasters," he said.

He said PSN's satellite capacity had increased to 14 transponders with the recent launch of the Agila-2 satellite for the Mabuhay Philippines Satellite Corporation which is partly owned by PSN. (icn)