LONDON (dpa-AFX) - Inmarsat plc (ISAT.L), a provider of mobile satellite communications services, reported Thursday that its second-quarter profit before tax was $150.3 million, compared to loss before tax of $175.1 million last year.
Profit after tax was $147.2 million, compared to loss after tax of $185.4 million a year ago. Adjusted profit after tax was $98.25 million, compared to $46.1 million in the prior year.
EBITDA rose 17.2 percent to $232.2 million from $198.1 million last year. EBITDA, excluding Ligado, RigNet settlement and costs relating to recommended offer for the Group, increased by 12.0 percent to $185.3 million reflecting lower costs.
Group revenue increased 3.9 percent to $386.4 million from the prior-year's $371.8 million. Revenue, excluding Ligado and RigNet settlement, declined 1.0 percent to $335.6 million, due to revenue declines in Maritime and Enterprise more than offsetting revenue growth in Aviation and Government.
Looking ahead, the company said its board remains confident about the future prospects and outlook for the Group, and reiterated its guidance that is unchanged from March 2019.
The outlook includes mid-single digit percentage revenue growth on average over the five year period from 2018 to 2022, with EBITDA and free cash flow generation improving steadily, and 2019 revenue, excluding Ligado, of $1.3 billion to $1.4 billion.
Inmarsat said its board is not declaring an interim dividend following the company's proposed acquisition announced on March 25.
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