Inmarsat says Proton delays will hold up global launch of new network
LONDON Aug 5 (Reuters) - British satellite company Inmarsat said the global implementation of its new communications network would be delayed by as much as six months as its Russian launch provider Proton recovers from a failure.
The group, which provides communications to shipping, aircraft and remote locations, said revenue from its main services in the period 2014-16 would be lower than expected because of the delay, but it still expected growth to fall within its 8-12 percent annual compound growth target.
Russia's Proton rocket suffered a failure, unconnected with Inmarsat, in May. The British company said on Tuesday the launch of two further satellites for its GX communications network would be put back by as much as six months, from its previous year-end target to by the end of the first half of 2015.
It posted adjusted core earnings of $159.9 million for its main business in the second quarter, broadly in line with average analyst expectations of $160.8 million, on revenue of $196.1 million, up 1.9 percent year on year. (Reporting by Paul Sandle; editing by Sarah Young)