Nilesat’s losses decline in 1H 2002
Egypt’s NileSat recorded net losses of $58,200 in the first half of 2002 compared to $6.5 million losses incurred in during the same period last year. The company’s improved performance was attributed to an 18 percent increase in net revenues and a 15 percent decrease in service costs, stated a company release.
Nilesat was established in 1996, for the purpose of operating satellites and their associated ground control station and up-linking facilities. Nilesat 101 has been in orbit since 1998 and Nilesat 102 has been in orbit since 2000. Their services include digital television and radio broadcasting, multimedia services, data broadcasting services and newsgathering.
With an issued capital of $170 million, Nilesat is 40 percent owned by the Egyptian Radio and Television Union and nine percent owned by the Egyptian Company for Investment Projects. The rest of the company’s shares are divided between various banks and public shareholders. — (menareport.com)
© 2002 Mena Report (www.menareport.com)