Nilesat reports $10 million net loss in 2001
Egypt’s NileSat reported a $10 million net loss in the financial year 2001, having posted a net profit of $4.5 million the previous year. The company’s recently published financial statement attributed the poor annual performance mainly to the acute depreciation.
Gross profit thus droped 44 percent, from $20.5 million in the year 2000 to $11.4 million this past financial year. Nilesat revenues rose 11.9 percent to $40.6 million in 2001, compared to the previous year.
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)