Inmarsat's profit hurt by LightSquared failure
LONDON, March 7
LONDON, March 7 (Reuters) - Inmarsat, a provider of satellite communications for shipping, posted a 20 percent fall in full-year pretax profit after revenues dried up from the ill-fated LightSquared plan to create a new mobile network in North America.
The company, which also provides services to aircraft and military and aid agencies in remote locations, posted pretax profit of $294 million for 2012.
Excluding the contribution from LightSquared - the U.S. group that had rented some of Inmarsat's airwaves - total revenue for the year rose 6 percent to $1.28 billion, it said on Thursday, helped by increased take-up of its newer broadband terminals.
It said it expected continued growth in revenue in 2013.
"We expect organic new revenue growth to outpace the expected loss of revenue from the on-going withdrawal of troops from Afghanistan," the company said.
"As a result, we remain confident that we will report net revenue growth in 2013 in our Inmarsat Global MSS business."
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