Subscribe to Print Edition | Thu., March 27, 2008 Adar2 21, 5768 | | Israel Time: 02:00 (EST+7) web haaretz.com   Back to Homepage Rosner's Domain Diplomacy Defense Jewish World Opinion National Print Edition Advertising Books Arts & Leisure Business Real Estate Easy Start Travel Week's End Anglo File

Spacecom prepares to launch Amos 3 satellite Spacecom yesterday announced strong results for the year 2007, happy anticipation of more of the same in the future and the imminent launch of Amos 3, its third communications satellite. Fourth-quarter revenues were sharply down but profits spiked, the satellite communications company revealed yesterday. Two reasons for the joy in 2007 was dropping outlay on interest, and a sharp fall in its allocation for questionable debt. That sent profit soaring for the Amos 1 and 2 satellite operator. Spacecom, which is owned by Israel Aerospace Industries (IAI) and Eurocom Holdings, reported a 47% increase in net profit to NIS 9.8 million for the fourth quarter of 2007, compared with the same period the year before. Profit and loss figures are likely to change dramatically in 2008, when the firm starts reporting in dollars - and Amos 3 will be flying. Its launch is scheduled for late April. Advertisement Despite the impressive bottom line and surging demand that has pushed up prices of satellite services, revenues dropped 11% in the fourth quarter compared to 2006, to NIS 33 million. pacecom quotes market studies projecting an increase of 5% to 8% a year in demand for satellite commmunication services. But meanwhile, its falling revenues ate into its gross revenue and operational profit, which fell 14% against the parallel to NIS 11.2 million. The fall in operational profits was somewhat offset by shrinking doubtful-debt provision to NIS 1.7 million, from NIS 4.4 million in 2006. Also, its outlay on interest fell to NIS 0.7 million, from NIS 3.4 million in the fourth quarter of 2006. Spacecom's Amos 3 satellite is scheduled for launch on April 24. Like its predecessors, it will be positioned 36,000 km above earth at 4 degrees west. IAI, which actually manufactured the satellite, has insured the launch of the satellite and its location in orbit for one year following the launch for $130 million, and its location in orbit for five years for another $40 million. Spacecom will bear the cost of the insurance six months after the launch. Spacecom has already leased 76% of Amos 3's capacity through 2008, generating revenues of $190 million. The company expects that the Amos 3 will bring in $150 million by the end of its life span in 2024. Bookmark to del.icio.us   Best served cold Safed chief rabbi calls on state to exact 'revenge' against Arabs. The Jewish hurdle Obama: I disagree with aide who blamed 'NY, Miami' for failed peace talks.

Today Online Safed chief rabbi calls on state to exact 'revenge' against Arabs Responses: 198 Blair: Middle East peace process a 'race against time' Responses: 135 Mubarak: Gaza tension brings Iran threat closer Responses: 55 PA fails in fight against terror, U.S. officials determine Responses: 73 Top Fatah official: Housing Min. inviting Palestinians to start a fresh Intifada Responses: 47 More Headlines 01:55 Two Sderot residents lightly hurt in fresh Qassam barrage on Negev town 22:25 Knesset panel to consider recognition of Armenian genocide 01:50 Abbas: Talks with Israel touch on all core issues including J'lem 01:38 Top rabbis: Harvesting organs of the brain dead is `bloodshed` 22:51 Netanyahu slams decision to give PA more security equipment 21:57 IDF soldier dies of wounds sustained in gun cleaning accident 19:41 IDF captures Hamas man behind 2002 Passover bombing at Netanya hotel 20:41 Olmert threatens 'painful' steps against Hamas, rules out truce 20:46 Obama: I disagree with aide who blamed 'NY, Miami' for failed peace talks 20:53 Arab League: Syria summit to adopt Yemen plan for Hamas-Fatah truce 17:19 PA to probe ex-Arafat aide over multi-million dollar Aqaba project 00:36 Abducted soldier's father slams PM, military for son's capture Previous Editions Select Day 26 mar 25 mar 24 mar 23 mar 21 mar 20 mar 19 mar 18 mar 17 mar 16 mar 14 mar 13 mar

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