APT Satellite revenues under pressure
March 26, 2020
By Chris Forrester
Hong Kong-based (but Bermuda registered) APT Satellite Holdings share price has tumbled 32 per cent in the past month and not helped by reporting a 14 per cent fall in revenues for 2019.
APT, which operates the APSTAR fleet, reported HK$1.06 billion in revenues (€125m) with profits falling 28 per cent to HK$362.3 million.
APT said revenues had not been helped by additional local competitors entering the market (not named but both Bangladesh and Indonesia are now competing for satellite business). The Bangladesh satellite was launched in May 2018 but 2019 was its first full year of operations. Indonesia’s PSN-6 craft was launched last February.
The company warned that 2020 will be another challenging year with oversupply of capacity and tough competition.