(Associated Press via NewsEdge) European satellite giant Eutelsat Communications said it swung to a profit in the full year and raised its forecast for the next fiscal year as the satellite operator has been benefiting from rising demand for digital broadcasting and is transmitting for an increasing number of digital service providers.
Net profit for the year ended June 30 came to 40.2 million euros ($51.6 million) compared with a net loss of 44.9 million euros in the previous year, the company said in a statement. Sales rose 5.4% to 791.1 million euros ($1.01 billion).
The Paris-based company raised its forecast for profit before interest, taxes, depreciation and amortization to 77% of sales in the current fiscal year.
Eutelsat didn't say what its previous forecast was.
Sales this year will probably be more than 800 million euros ($1.03 billion), it said.
'Eutelsat outperformed objectives for growth while maintaining profitability at the highest level,' company chairman Giuliano Berretta said.
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