Inmarsat buoyed by maritime and a wave of new subscribers
SATELLITE company Inmarsat yesterday reported a slight increase in its quarterly core earnings on growth in its maritime unit.
“Subscriber growth of over 10 per cent in the first quarter continues to underpin our expectations for improved results in 2012,” said chief executive Rupert Pearce in a statement.
Core earnings at Inmarsat Group rose one per cent to $205m (£127m) in the first quarter.
Total revenue for the company grew 10 per cent to $355m.
Revenue in Inmarsat’s maritime unit increased seven per cent to $95.4m, driven in part by the elimination of volume discounts previously available for older services.
“While economic conditions in shipping remain challenging, we remain comfortable with the customer usage trends we are seeing and have a positive outlook for our maritime business in 2012,” the company said.
London-listed shares of the company, which have risen about 12 per cent since the beginning of this year, rose 2.8 per cent yesterday to close at £467.03.